Zacks: Brokerages Expect Luna Innovations Incorporated (LUNA) Will Post Quarterly Sales of $9.90 Million

Wall Street analysts expect that Luna Innovations Incorporated (NASDAQ:LUNA) will announce $9.90 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Luna Innovations’ earnings, with estimates ranging from $9.50 million to $10.30 million. Luna Innovations reported sales of $11.64 million during the same quarter last year, which would suggest a negative year over year growth rate of 14.9%. The firm is scheduled to announce its next quarterly earnings report on Monday, November 12th.

According to Zacks, analysts expect that Luna Innovations will report full year sales of $43.71 million for the current financial year, with estimates ranging from $39.52 million to $47.90 million. For the next year, analysts anticipate that the company will report sales of $44.30 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Luna Innovations.

Luna Innovations (NASDAQ:LUNA) last announced its quarterly earnings results on Wednesday, August 1st. The scientific and technical instruments company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. Luna Innovations had a return on equity of 4.98% and a net margin of 34.13%. The business had revenue of $13.77 million during the quarter, compared to analysts’ expectations of $12.90 million.

A number of research analysts have recently weighed in on the company. Zacks Investment Research upgraded Luna Innovations from a “sell” rating to a “hold” rating in a research report on Tuesday, August 14th. Dawson James assumed coverage on Luna Innovations in a research report on Tuesday, October 2nd. They issued a “buy” rating for the company. Finally, Northland Securities cut Luna Innovations from an “outperform” rating to a “market perform” rating and set a $4.00 price target for the company. in a research report on Friday, August 3rd.

Shares of LUNA stock traded down $0.05 during mid-day trading on Friday, reaching $3.21. The stock had a trading volume of 52,100 shares, compared to its average volume of 122,709. Luna Innovations has a 12-month low of $1.47 and a 12-month high of $4.32. The stock has a market cap of $89.07 million, a P/E ratio of 40.75 and a beta of 0.83.

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its position in shares of Luna Innovations by 96.5% in the first quarter. JPMorgan Chase & Co. now owns 63,491 shares of the scientific and technical instruments company’s stock valued at $206,000 after buying an additional 31,184 shares in the last quarter. Alambic Investment Management L.P. increased its position in shares of Luna Innovations by 21.1% in the second quarter. Alambic Investment Management L.P. now owns 106,574 shares of the scientific and technical instruments company’s stock valued at $318,000 after buying an additional 18,563 shares in the last quarter. Acadian Asset Management LLC boosted its stake in shares of Luna Innovations by 106.1% during the second quarter. Acadian Asset Management LLC now owns 128,838 shares of the scientific and technical instruments company’s stock valued at $384,000 after acquiring an additional 66,327 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Luna Innovations by 50.3% during the first quarter. Dimensional Fund Advisors LP now owns 212,354 shares of the scientific and technical instruments company’s stock valued at $688,000 after acquiring an additional 71,055 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Luna Innovations by 6.9% during the second quarter. Janney Montgomery Scott LLC now owns 450,400 shares of the scientific and technical instruments company’s stock valued at $1,342,000 after acquiring an additional 29,000 shares during the last quarter. Institutional investors and hedge funds own 23.32% of the company’s stock.

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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