Wall Street brokerages expect Luna Innovations Incorporated (NASDAQ:LUNA) to announce sales of $18.46 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Luna Innovations’ earnings, with the lowest sales estimate coming in at $18.42 million and the highest estimate coming in at $18.50 million. Luna Innovations posted sales of $13.54 million during the same quarter last year, which suggests a positive year-over-year growth rate of 36.3%. The company is expected to issue its next quarterly earnings report on Monday, March 2nd.
On average, analysts expect that Luna Innovations will report full-year sales of $69.50 million for the current financial year, with estimates ranging from $69.49 million to $69.50 million. For the next financial year, analysts forecast that the firm will post sales of $80.36 million, with estimates ranging from $79.22 million to $81.50 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Luna Innovations.
Several research analysts recently weighed in on the stock. ValuEngine cut shares of Luna Innovations from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Zacks Investment Research upgraded shares of Luna Innovations from a “hold” rating to a “strong-buy” rating and set a $7.50 price objective for the company in a research note on Tuesday, November 12th. TheStreet raised shares of Luna Innovations from a “c+” rating to a “b” rating in a research report on Wednesday, August 14th. Finally, Northland Securities upgraded Luna Innovations from a “market perform” rating to an “outperform” rating and set a $6.00 target price on the stock in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, two have issued a buy rating and one has issued a strong buy rating to the company. Luna Innovations has an average rating of “Buy” and an average target price of $6.17.
Shares of LUNA traded up $0.15 during trading hours on Friday, reaching $7.37. 3,240 shares of the stock traded hands, compared to its average volume of 316,568. The stock has a fifty day simple moving average of $6.37 and a 200 day simple moving average of $5.45. Luna Innovations has a 52 week low of $2.68 and a 52 week high of $7.52. The company has a market cap of $203.10 million, a price-to-earnings ratio of 181.75 and a beta of 0.78.
In other news, major shareholder Clinic Carilion sold 48,953 shares of Luna Innovations stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $6.71, for a total transaction of $328,474.63. Following the sale, the insider now directly owns 964,330 shares in the company, valued at approximately $6,470,654.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 11.20% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of LUNA. Renaissance Technologies LLC raised its position in Luna Innovations by 2.4% in the second quarter. Renaissance Technologies LLC now owns 1,290,450 shares of the scientific and technical instruments company’s stock worth $5,807,000 after acquiring an additional 29,943 shares during the period. BlackRock Inc. increased its stake in shares of Luna Innovations by 67.4% during the 2nd quarter. BlackRock Inc. now owns 500,914 shares of the scientific and technical instruments company’s stock worth $2,254,000 after purchasing an additional 201,612 shares during the last quarter. River & Mercantile Asset Management LLP purchased a new stake in shares of Luna Innovations during the 2nd quarter worth approximately $1,557,000. Morgan Stanley increased its stake in shares of Luna Innovations by 9.7% during the 2nd quarter. Morgan Stanley now owns 217,025 shares of the scientific and technical instruments company’s stock worth $976,000 after purchasing an additional 19,190 shares during the last quarter. Finally, Millennium Management LLC bought a new stake in shares of Luna Innovations in the 3rd quarter worth approximately $1,040,000. Institutional investors own 28.09% 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.
See Also: What is the Rule of 72?
Get a free copy of the Zacks research report on Luna Innovations (LUNA)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Luna Innovations Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Luna Innovations and related companies with MarketBeat.com's FREE daily email newsletter.