Luna Innovations (NASDAQ:LUNA) Share Price Crosses Below 200-Day Moving Average of $6.07

Luna Innovations Incorporated (NASDAQ:LUNA)’s share price crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $6.07 and traded as low as $2.70. Luna Innovations shares last traded at $2.81, with a volume of 399,497 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Luna Innovations from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $10.00.

Luna Innovations Stock Performance

The stock has a market capitalization of $95.42 million, a PE ratio of -35.13 and a beta of 1.31. The company has a quick ratio of 1.62, a current ratio of 2.86 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average price of $5.53 and a 200-day moving average price of $6.07.

Institutional Trading of Luna Innovations

Several hedge funds and other institutional investors have recently bought and sold shares of LUNA. BlackRock Inc. grew its holdings in Luna Innovations by 378.7% during the second quarter. BlackRock Inc. now owns 2,065,784 shares of the scientific and technical instruments company’s stock worth $18,840,000 after acquiring an additional 1,634,279 shares during the period. Wasatch Advisors LP grew its holdings in Luna Innovations by 75.0% in the fourth quarter. Wasatch Advisors LP now owns 1,260,077 shares of the scientific and technical instruments company’s stock valued at $8,380,000 after purchasing an additional 539,933 shares during the period. State Street Corp grew its holdings in Luna Innovations by 475.6% in the second quarter. State Street Corp now owns 648,009 shares of the scientific and technical instruments company’s stock valued at $5,910,000 after purchasing an additional 535,435 shares during the period. Geode Capital Management LLC grew its holdings in Luna Innovations by 114.3% in the second quarter. Geode Capital Management LLC now owns 662,945 shares of the scientific and technical instruments company’s stock valued at $6,046,000 after purchasing an additional 353,576 shares during the period. Finally, Millennium Management LLC grew its holdings in Luna Innovations by 253.8% in the second quarter. Millennium Management LLC now owns 475,221 shares of the scientific and technical instruments company’s stock valued at $2,771,000 after purchasing an additional 340,907 shares during the period. 87.46% of the stock is owned by institutional investors and hedge funds.

Luna Innovations Company Profile

Luna Innovations Incorporated provides fiber optic test, measurement, and control products worldwide. The company offers test and measurement equipment for fiber optic components and sub-assemblies; polarization control products, including components, modules, and instruments to measure, manage, and control polarization and group delay in fiber optic networks; tunable lasers; and single frequency lasers.