Luna Innovations (NASDAQ:LUNA) Rating Increased to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Luna Innovations (NASDAQ:LUNA) from a hold rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. The brokerage currently has $5.00 price objective on the scientific and technical instruments company’s stock.

According to Zacks, “LUNA INNOVATIONS INCORPORATED develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets. Luna develops technologies in four primary areas: Sensors & Systems; Health Sciences; Materials & Secure Computing. Luna’s product offerings generally fit into two categories: Instrumentation, Test & Measurement & Healthcare. The products are used to measure, monitor, protect and improve critical processes in the markets we serve. Through its disciplined commercialization business model, Luna has become a recognized leader in transitioning science to solutions. Luna is headquartered in Roanoke, Virginia. “

Separately, Northland Securities set a $5.00 price objective on Communications Systems and gave the stock a buy rating in a report on Tuesday, May 14th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $4.67.

Shares of LUNA stock opened at $5.12 on Wednesday. Luna Innovations has a 12-month low of $2.68 and a 12-month high of $5.40. The company has a market cap of $144.01 million, a price-to-earnings ratio of 51.20 and a beta of 0.73. The business has a 50 day simple moving average of $4.30. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.29 and a quick ratio of 2.68.

Luna Innovations (NASDAQ:LUNA) last issued its quarterly earnings data on Wednesday, May 8th. The scientific and technical instruments company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.04. Luna Innovations had a return on equity of 5.52% and a net margin of 22.56%. The business had revenue of $14.83 million during the quarter, compared to analyst estimates of $12.80 million. On average, sell-side analysts forecast that Luna Innovations will post 0.08 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of LUNA. Dimensional Fund Advisors LP raised its stake in Luna Innovations by 9.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 552,213 shares of the scientific and technical instruments company’s stock valued at $1,850,000 after purchasing an additional 49,010 shares during the last quarter. Deutsche Bank AG grew its holdings in Luna Innovations by 12,592.3% in the 4th quarter. Deutsche Bank AG now owns 9,900 shares of the scientific and technical instruments company’s stock valued at $33,000 after buying an additional 9,822 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Luna Innovations in the 1st quarter valued at $47,000. Acadian Asset Management LLC grew its holdings in Luna Innovations by 11.9% in the 1st quarter. Acadian Asset Management LLC now owns 116,199 shares of the scientific and technical instruments company’s stock valued at $484,000 after buying an additional 12,397 shares in the last quarter. Finally, Punch & Associates Investment Management Inc. purchased a new stake in Luna Innovations in the 1st quarter valued at $417,000. 21.94% of the stock is 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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