Luna Innovations Incorporated (NASDAQ:LUNA) Sees Significant Drop in Short Interest

Luna Innovations Incorporated (NASDAQ:LUNA) was the recipient of a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 133,100 shares, a drop of 8.5% from the August 30th total of 145,400 shares. Currently, 0.5% of the shares of the company are short sold. Based on an average daily trading volume, of 315,400 shares, the short-interest ratio is presently 0.4 days.

In other Luna Innovations news, major shareholder Clinic Carilion sold 30,208 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $5.00, for a total transaction of $151,040.00. Following the transaction, the insider now owns 2,126,999 shares in the company, valued at approximately $10,634,995. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 1,040,246 shares of company stock worth $6,099,772 in the last quarter. Company insiders own 11.20% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its stake 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 valued at $5,807,000 after buying an additional 29,943 shares in the last quarter. BlackRock Inc. boosted its stake in Luna Innovations by 67.4% in the second quarter. BlackRock Inc. now owns 500,914 shares of the scientific and technical instruments company’s stock valued at $2,254,000 after buying an additional 201,612 shares in the last quarter. River & Mercantile Asset Management LLP acquired a new stake in Luna Innovations in the second quarter valued at about $1,557,000. Morgan Stanley boosted its stake in Luna Innovations by 9.7% in the second quarter. Morgan Stanley now owns 217,025 shares of the scientific and technical instruments company’s stock valued at $976,000 after buying an additional 19,190 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in Luna Innovations by 24.7% in the second quarter. Acadian Asset Management LLC now owns 144,901 shares of the scientific and technical instruments company’s stock valued at $652,000 after buying an additional 28,702 shares in the last quarter. Institutional investors own 24.01% of the company’s stock.

LUNA stock traded up $0.12 during trading hours on Tuesday, hitting $5.62. 5,198 shares of the stock were exchanged, compared to its average volume of 307,867. The firm has a market capitalization of $156.10 million, a P/E ratio of 141.00 and a beta of 0.71. The company has a 50-day simple moving average of $6.02 and a two-hundred day simple moving average of $4.95. Luna Innovations has a 12 month low of $2.68 and a 12 month high of $6.90.

Luna Innovations (NASDAQ:LUNA) last posted its quarterly earnings data on Wednesday, August 7th. The scientific and technical instruments company reported $0.02 earnings per share for the quarter. The firm had revenue of $17.81 million for the quarter, compared to analysts’ expectations of $15.62 million. Luna Innovations had a return on equity of 4.97% and a net margin of 20.67%. Equities research analysts anticipate that Luna Innovations will post 0.15 EPS for the current year.

LUNA has been the topic of several recent research reports. TheStreet upgraded Luna Innovations from a “c+” rating to a “b” rating in a research report on Wednesday, August 14th. Zacks Investment Research upgraded Luna Innovations from a “hold” rating to a “strong-buy” rating and set a $6.75 price objective on the stock in a research report on Thursday, August 15th. Northland Securities upgraded Luna Innovations from a “market perform” rating to an “outperform” rating and set a $6.00 price objective on the stock in a research report on Thursday, August 8th. Finally, ValuEngine cut Luna Innovations from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, two have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $5.92.

Luna Innovations Company Profile

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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