Perritt Capital Management Inc. Sells 50,000 Shares of Luna Innovations Incorporated (NASDAQ:LUNA)

Perritt Capital Management Inc. trimmed its holdings in shares of Luna Innovations Incorporated (NASDAQ:LUNA) by 16.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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. owned about 0.94% of Luna Innovations worth $1,185,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also bought and sold shares of the stock. Punch & Associates Investment Management Inc. purchased a new stake in shares of Luna Innovations in the 1st quarter valued at about $417,000. Renaissance Technologies LLC raised its stake in Luna Innovations by 2.4% in 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 purchasing an additional 29,943 shares in the last quarter. Acadian Asset Management LLC lifted its position in 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 purchasing an additional 28,702 shares during the last quarter. Wells Fargo & Company MN lifted its position in Luna Innovations by 818.7% during the second quarter. Wells Fargo & Company MN now owns 22,968 shares of the scientific and technical instruments company’s stock valued at $103,000 after purchasing an additional 20,468 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in 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 purchasing an additional 14,400 shares during the last quarter. Institutional investors and hedge funds own 24.01% of the company’s stock.

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

In other Luna Innovations news, major shareholder Clinic Carilion sold 30,208 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $5.00, for a total value of $151,040.00. Following the completion of the sale, the insider now owns 2,126,999 shares in the company, valued at $10,634,995. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 1,040,246 shares of company stock worth $6,099,772. Company insiders own 11.20% of the company’s stock.

LUNA traded up $0.15 during midday trading on Wednesday, hitting $6.00. The stock had a trading volume of 9,170 shares, compared to its average volume of 450,062. The company has a market cap of $169.88 million, a P/E ratio of 150.00 and a beta of 0.72. Luna Innovations Incorporated has a 1 year low of $2.68 and a 1 year high of $6.90. The business has a fifty day moving average of $5.71 and a 200 day moving average of $4.62.

Luna Innovations (NASDAQ:LUNA) last announced its quarterly earnings data on Wednesday, August 7th. The scientific and technical instruments company reported $0.02 earnings per share (EPS) for the quarter. The company had revenue of $17.81 million during the quarter, compared to analysts’ expectations of $15.62 million. Luna Innovations had a net margin of 20.67% and a return on equity of 4.97%. On average, research 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.

Further Reading: Market Perform

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

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