Luna Innovations Incorporated (NASDAQ:LUNA) rose 16.6% during trading on Monday . The company traded as high as $4.14 and last traded at $3.93. Approximately 651,876 shares changed hands during mid-day trading, an increase of 1,262% from the average daily volume of 47,854 shares. The stock had previously closed at $3.37.
Several research analysts have recently weighed in on LUNA shares. ValuEngine upgraded shares of Luna Innovations from a “hold” rating to a “buy” rating in a research note on Saturday, February 2nd. B. Riley started coverage on shares of Luna Innovations in a research note on Tuesday, January 15th. They issued a “buy” rating and a $4.60 price target on the stock. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $4.30.
Get Luna Innovations alerts:The stock has a market cap of $86.88 million, a P/E ratio of 31.10 and a beta of 0.67.
Large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC grew its position in Luna Innovations by 1.9% during the third quarter. Renaissance Technologies LLC now owns 1,125,807 shares of the scientific and technical instruments company’s stock valued at $3,636,000 after buying an additional 20,902 shares during the period. Vanguard Group Inc lifted its stake in shares of Luna Innovations by 25.9% in the third quarter. Vanguard Group Inc now owns 864,099 shares of the scientific and technical instruments company’s stock worth $2,791,000 after buying an additional 177,962 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Luna Innovations by 25.9% in the third quarter. Vanguard Group Inc. now owns 864,099 shares of the scientific and technical instruments company’s stock worth $2,791,000 after buying an additional 177,962 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Luna Innovations by 9.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 552,213 shares of the scientific and technical instruments company’s stock worth $1,850,000 after buying an additional 49,010 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its position in Luna Innovations by 0.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 468,147 shares of the scientific and technical instruments company’s stock worth $1,568,000 after purchasing an additional 3,125 shares during the last quarter. Hedge funds and other institutional investors own 21.45% of the company’s stock.
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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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