Janney Montgomery Scott LLC Lowers Holdings in Luna Innovations Incorporated (NASDAQ:LUNA)

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Janney Montgomery Scott LLC reduced its stake in shares of Luna Innovations Incorporated (NASDAQ:LUNA) by 39.0% in the third quarter, HoldingsChannel reports. The firm owned 267,097 shares of the scientific and technical instruments company’s stock after selling 170,850 shares during the period. Janney Montgomery Scott LLC’s holdings in Luna Innovations were worth $1,546,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Wells Fargo & Company MN lifted its stake in shares of Luna Innovations by 818.7% during 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. lifted its stake in shares of Luna Innovations by 127.4% during the 2nd 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 during the last quarter. Alambic Investment Management L.P. lifted its stake in shares of Luna Innovations by 2.0% during the 2nd quarter. Alambic Investment Management L.P. now owns 101,890 shares of the scientific and technical instruments company’s stock worth $459,000 after purchasing an additional 2,000 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of Luna Innovations by 24.7% during the 2nd 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 during the last quarter. Finally, Morgan Stanley lifted its stake in shares of Luna Innovations by 9.7% during the 2nd quarter. Morgan Stanley now owns 217,025 shares of the scientific and technical instruments company’s stock worth $976,000 after purchasing an additional 19,190 shares during the last quarter. Hedge funds and other institutional investors own 23.37% of the company’s stock.

Shares of NASDAQ:LUNA opened at $6.50 on Friday. The business’s 50-day moving average is $5.86 and its 200 day moving average is $5.16. Luna Innovations Incorporated has a 1 year low of $2.68 and a 1 year high of $7.20. The firm has a market capitalization of $166.22 million, a P/E ratio of 65.67 and a beta of 0.73.

Luna Innovations (NASDAQ:LUNA) last announced its earnings results on Wednesday, August 7th. The scientific and technical instruments company reported $0.02 earnings per share (EPS) for the quarter. Luna Innovations had a return on equity of 4.81% and a net margin of 6.40%. The company had revenue of $17.81 million for the quarter, compared to analyst estimates of $15.62 million. On average, equities analysts predict that Luna Innovations Incorporated will post 0.15 earnings per share for the current fiscal year.

LUNA has been the subject of a number of analyst reports. TheStreet upgraded Luna Innovations from a “c+” rating to a “b” rating in a research note on Wednesday, August 14th. ValuEngine lowered Luna Innovations from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Northland Securities raised 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. Finally, Zacks Investment Research raised Luna Innovations from a “hold” rating to a “buy” rating and set a $6.50 target price on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating and three have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $5.83.

In related news, major shareholder Clinic Carilion sold 79,305 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $5.58, for a total transaction of $442,521.90. Following the transaction, the insider now directly owns 1,720,299 shares of the company’s stock, valued at approximately $9,599,268.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 770,186 shares of company stock worth $4,717,871 over the last ninety days. 11.20% of the stock is currently owned by corporate insiders.

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

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