Luna Innovations (NASDAQ:LUNA) Share Price Crosses Below 200 Day Moving Average – Time to Sell?

Luna Innovations Incorporated (NASDAQ:LUNA) passed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $2.16 and traded as low as $0.82. Luna Innovations shares last traded at $1.09, with a volume of 324,512 shares traded.

Analyst Ratings Changes

Separately, StockNews.com started coverage on shares of Luna Innovations in a research report on Saturday. They issued a “sell” rating for the company.

Luna Innovations Stock Performance

The stock has a 50-day simple moving average of $1.68 and a 200 day simple moving average of $2.15. The stock has a market capitalization of $37.02 million, a P/E ratio of -13.63 and a beta of 1.56.

Institutional Investors Weigh In On Luna Innovations

Institutional investors have recently modified their holdings of the business. XTX Topco Ltd bought a new stake in Luna Innovations in the third quarter valued at about $55,000. Needham Investment Management LLC increased its stake in shares of Luna Innovations by 150.0% in the 3rd quarter. Needham Investment Management LLC now owns 1,000,000 shares of the scientific and technical instruments company’s stock valued at $2,350,000 after acquiring an additional 600,000 shares during the last quarter. Royce & Associates LP raised its position in shares of Luna Innovations by 4.0% in the 3rd quarter. Royce & Associates LP now owns 2,797,038 shares of the scientific and technical instruments company’s stock valued at $6,573,000 after acquiring an additional 107,566 shares during the period. GSA Capital Partners LLP bought a new position in Luna Innovations during the 3rd quarter worth approximately $144,000. Finally, Malaga Cove Capital LLC acquired a new position in Luna Innovations during the third quarter valued at approximately $25,000. Institutional investors and hedge funds own 87.46% of the company’s stock.

About Luna Innovations

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.