Luna Innovations Incorporated (LUNA) Shares Up -1.4% on Earnings Beat

Luna Innovations Incorporated (NASDAQ:LUNA) shot up 1.4% during trading on Friday following a stronger than expected earnings report. The company traded as high as $1.54 and last traded at $1.40, with a volume of 255,023 shares changing hands. The stock had previously closed at $1.42.

The scientific and technical instruments company reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.02. Luna Innovations had a negative net margin of 3.88% and a negative return on equity of 6.54%. The firm had revenue of $13.58 million for the quarter, compared to analysts’ expectations of $14.20 million.

Separately, Zacks Investment Research cut shares of Luna Innovations from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th.

An institutional investor recently raised its position in Luna Innovations stock. Vanguard Group Inc. increased its stake in shares of Luna Innovations Incorporated (NASDAQ:LUNA) by 0.5% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 475,489 shares of the scientific and technical instruments company’s stock after buying an additional 2,400 shares during the period. Vanguard Group Inc. owned 1.73% of Luna Innovations worth $718,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 9.92% of the company’s stock.

The stock’s 50 day moving average is $1.38 and its 200-day moving average is $1.62. The company’s market cap is $39.66 million.

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Luna Innovations Company Profile

Luna Innovations Incorporated develops, manufactures and markets fiber optic sensing and test, and measurement products. The Company is focused on bringing technology solutions to measure and monitor processes in the aerospace, automotive, energy, composite, telecommunications and defense industries.

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