Zacks Investment Research downgraded shares of Luna Innovations (NASDAQ:LUNA) from a hold rating to a strong sell rating in a research report released on Thursday.
According to Zacks, “LUNA INNOVATIONS INCORPORATED develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets. Luna develops technologies in four primary areas: Sensors & Systems; Health Sciences; Materials & Secure Computing. Luna’s product offerings generally fit into two categories: Instrumentation, Test & Measurement & Healthcare. The products are used to measure, monitor, protect and improve critical processes in the markets we serve. Through its disciplined commercialization business model, Luna has become a recognized leader in transitioning science to solutions. Luna is headquartered in Roanoke, Virginia. “
Separately, Northland Securities reiterated a buy rating and issued a $3.25 price objective on shares of Luna Innovations in a report on Wednesday, March 21st.
Luna Innovations traded down $0.01, reaching $2.98, during trading on Thursday, MarketBeat reports. The stock had a trading volume of 46,400 shares, compared to its average volume of 137,568. Luna Innovations has a 1-year low of $1.16 and a 1-year high of $4.00. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.75 and a quick ratio of 4.20. The firm has a market capitalization of $81.97 million, a P/E ratio of 75.00 and a beta of 0.84.
Luna Innovations (NASDAQ:LUNA) last issued its quarterly earnings data on Wednesday, May 9th. The scientific and technical instruments company reported $0.00 EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.02). Luna Innovations had a return on equity of 2.78% and a net margin of 31.84%. The firm had revenue of $12.19 million during the quarter, compared to analyst estimates of $12.40 million. sell-side analysts anticipate that Luna Innovations will post 0.1 EPS for the current year.
In other Luna Innovations news, major shareholder Clinic Carilion sold 78,045 shares of the business’s stock in a transaction on Friday, April 13th. The shares were sold at an average price of $3.39, for a total value of $264,572.55. Following the transaction, the insider now owns 2,060,338 shares in the company, valued at approximately $6,984,545.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 362,960 shares of company stock worth $1,237,266 in the last quarter. 10.60% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC lifted its holdings in Luna Innovations by 45.7% in the 4th quarter. Renaissance Technologies LLC now owns 841,005 shares of the scientific and technical instruments company’s stock worth $2,044,000 after buying an additional 263,700 shares in the last quarter. EAM Investors LLC acquired a new position in Luna Innovations in the 4th quarter worth $666,000. Dimensional Fund Advisors LP lifted its holdings in Luna Innovations by 50.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 212,354 shares of the scientific and technical instruments company’s stock worth $688,000 after buying an additional 71,055 shares in the last quarter. Algert Global LLC lifted its holdings in Luna Innovations by 434.5% in the 1st quarter. Algert Global LLC now owns 201,843 shares of the scientific and technical instruments company’s stock worth $654,000 after buying an additional 164,077 shares in the last quarter. Finally, Millennium Management LLC acquired a new position in Luna Innovations in the 4th quarter worth $327,000. Hedge funds and other institutional investors own 22.65% of the company’s stock.
About Luna Innovations
Luna Innovations Incorporated develops, manufactures, and markets fiber optic sensing, and test and measurement products worldwide. It operates in two segments, Products and Licensing, and Technology Development. The Products and Licensing segment offers fiber optic sensing products, as well as test and measurement products to monitor the integrity of fiber optic network components and sub-assemblies, which include optical vector analyzer, optical backscatter reflectometers, and the Phoenix family of tunable lasers; and distributed sensing systems comprising optical distributed sensor interrogator sensing solution with multiple sensors whose inputs are integrated through a fiber optic network and software.
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