Wall Street brokerages predict that Luna Innovations Incorporated (NASDAQ:LUNA) will announce $0.05 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Luna Innovations’ earnings, with estimates ranging from $0.04 to $0.05. The business is expected to announce its next quarterly earnings results on Monday, March 2nd.
Zacks’ EPS averages are an average based on a survey of sell-side analysts that that provide coverage for Luna Innovations.
LUNA has been the topic of a number of research analyst reports. 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 report on Thursday, August 8th. ValuEngine lowered Luna Innovations from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Zacks Investment Research upgraded Luna Innovations from a “hold” rating to a “strong-buy” rating and set a $7.50 price target for the company in a research report on Tuesday, November 12th. Finally, TheStreet raised Luna Innovations from a “c+” rating to a “b” rating in a research note on Wednesday, August 14th. One analyst has rated the stock with a sell rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $6.17.
NASDAQ LUNA traded up $0.15 during mid-day trading on Thursday, hitting $7.37. The stock had a trading volume of 3,240 shares, compared to its average volume of 316,568. The company has a 50 day simple moving average of $6.37 and a 200 day simple moving average of $5.45. The company has a market cap of $203.10 million, a price-to-earnings ratio of 181.75 and a beta of 0.78. Luna Innovations has a 52-week low of $2.68 and a 52-week high of $7.52.
In other news, major shareholder Clinic Carilion sold 48,953 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $6.71, for a total transaction of $328,474.63. Following the completion of the transaction, the insider now directly owns 964,330 shares of the company’s stock, valued at approximately $6,470,654.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 11.20% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. Wells Fargo & Company MN raised its position in Luna Innovations by 818.7% in the 2nd quarter. Wells Fargo & Company MN now owns 22,968 shares of the scientific and technical instruments company’s stock worth $103,000 after purchasing an additional 20,468 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Luna Innovations by 127.4% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 25,700 shares of the scientific and technical instruments company’s stock worth $116,000 after purchasing an additional 14,400 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of 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 worth $652,000 after purchasing an additional 28,702 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of 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 purchasing an additional 29,943 shares during the period. Finally, Alambic Investment Management L.P. raised its position in shares of Luna Innovations by 2.0% in the second quarter. Alambic Investment Management L.P. now owns 101,890 shares of the scientific and technical instruments company’s stock valued at $459,000 after purchasing an additional 2,000 shares during the period. 28.09% of the stock is currently owned by hedge funds and other institutional investors.
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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