Short Interest in Luna Innovations Incorporated (NASDAQ:LUNA) Expands By 26.3%

Luna Innovations Incorporated (NASDAQ:LUNA) was the recipient of a large growth in short interest in August. As of August 31st, there was short interest totalling 1,170,000 shares, a growth of 26.3% from the August 15th total of 926,000 shares. Approximately 4.3% of the company’s shares are short sold. Based on an average daily volume of 311,800 shares, the short-interest ratio is presently 3.8 days.

A number of hedge funds and other institutional investors have recently modified their holdings of LUNA. Two Sigma Advisers LP lifted its position in Luna Innovations by 39.5% in the second quarter. Two Sigma Advisers LP now owns 48,700 shares of the scientific and technical instruments company’s stock worth $284,000 after buying an additional 13,800 shares during the last quarter. Nuveen Asset Management LLC purchased a new position in Luna Innovations during the 2nd quarter valued at $418,000. Charles Schwab Investment Management Inc. boosted its holdings in Luna Innovations by 532.7% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 74,019 shares of the scientific and technical instruments company’s stock valued at $433,000 after acquiring an additional 62,320 shares during the period. PDT Partners LLC bought a new position in Luna Innovations in the 2nd quarter valued at $104,000. Finally, Marshall Wace LLP purchased a new stake in Luna Innovations in the second quarter worth $112,000. 43.97% of the stock is currently owned by institutional investors.

Separately, Zacks Investment Research raised Luna Innovations from a “hold” rating to a “buy” rating and set a $6.75 price objective on the stock in a research report on Wednesday, August 12th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $7.58.

Shares of LUNA stock traded up $0.10 during trading hours on Wednesday, reaching $6.43. The company had a trading volume of 171,900 shares, compared to its average volume of 289,041. The business has a fifty day moving average price of $6.11 and a 200-day moving average price of $6.20. Luna Innovations has a one year low of $4.50 and a one year high of $9.32. The firm has a market cap of $198.19 million, a PE ratio of 57.55 and a beta of 1.00.

Luna Innovations (NASDAQ:LUNA) last released its earnings results on Thursday, August 6th. The scientific and technical instruments company reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.03. The company had revenue of $18.58 million for the quarter, compared to the consensus estimate of $17.99 million. Luna Innovations had a return on equity of 7.50% and a net margin of 4.93%. As a group, research analysts anticipate that Luna Innovations will post 0.16 earnings per share for the current fiscal year.

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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