Perritt Capital Management Inc. reduced its position in shares of Luna Innovations Incorporated (NASDAQ:LUNA) by 16.0% in the second quarter, Holdings Channel reports. The firm owned 263,400 shares of the scientific and technical instruments company’s stock after selling 50,000 shares during the quarter. Perritt Capital Management Inc.’s holdings in Luna Innovations were worth $1,185,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Alambic Investment Management L.P. lifted its stake 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 worth $459,000 after buying an additional 2,000 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Luna Innovations by 2.4% during 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 acquiring an additional 29,943 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of Luna Innovations by 24.7% during 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 acquiring an additional 28,702 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Luna Innovations by 127.4% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 25,700 shares of the scientific and technical instruments company’s stock valued at $116,000 after acquiring an additional 14,400 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings 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 acquiring an additional 20,468 shares during the last quarter. 24.01% of the stock is owned by institutional investors and hedge funds.

In other news, major shareholder Clinic Carilion sold 48,953 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $6.71, for a total value of $328,474.63. Following the transaction, the insider now directly owns 964,330 shares in the company, valued at approximately $6,470,654.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have sold a total of 1,040,246 shares of company stock worth $6,099,772 over the last three months. Insiders own 11.20% of the company’s stock.

Several equities analysts recently issued reports on LUNA shares. ValuEngine cut Luna Innovations from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Northland Securities raised Luna Innovations from a “market perform” rating to an “outperform” rating and set a $6.00 target price for the company in a report on Thursday, August 8th. TheStreet raised Luna Innovations from a “c+” rating to a “b” rating in a report on Wednesday, August 14th. Finally, Zacks Investment Research upgraded Luna Innovations from a “hold” rating to a “strong-buy” rating and set a $6.75 price target for the company in a research note on Thursday, August 15th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $5.92.

LUNA traded up $0.15 during midday trading on Wednesday, hitting $6.00. 9,170 shares of the company traded hands, compared to its average volume of 450,062. The company’s 50-day moving average is $5.71 and its 200 day moving average is $4.62. Luna Innovations Incorporated has a 52 week low of $2.68 and a 52 week high of $6.90. The firm has a market capitalization of $169.88 million, a PE ratio of 150.00 and a beta of 0.72.

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

Luna Innovations 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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Institutional Ownership by Quarter for Luna Innovations (NASDAQ:LUNA)

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