Luna Innovations (NASDAQ:LUNA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “LUNA INNOVATIONS INCORPORATED develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets. Luna develops technologies in four primary areas: Sensors & Systems; Health Sciences; Materials & Secure Computing. Luna’s product offerings generally fit into two categories: Instrumentation, Test & Measurement & Healthcare. The products are used to measure, monitor, protect and improve critical processes in the markets we serve. Through its disciplined commercialization business model, Luna has become a recognized leader in transitioning science to solutions. Luna is headquartered in Roanoke, Virginia. “

Luna Innovations (LUNA) traded up $0.07 during midday trading on Wednesday, hitting $2.50. The company had a trading volume of 95,800 shares, compared to its average volume of 95,600. The company has a quick ratio of 3.32, a current ratio of 3.83 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $69.02, a PE ratio of 5.81 and a beta of 1.49. Luna Innovations has a 12 month low of $1.16 and a 12 month high of $2.60.

Luna Innovations announced that its board has initiated a stock buyback program on Wednesday, September 20th that allows the company to repurchase $2.00 million in outstanding shares. This repurchase authorization allows the scientific and technical instruments company to purchase up to 4.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

An institutional investor recently bought a new position in Luna Innovations stock. Luzich Partners LLC acquired a new position in Luna Innovations Incorporated (NASDAQ:LUNA) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 453,000 shares of the scientific and technical instruments company’s stock, valued at approximately $766,000. Luna Innovations accounts for 0.6% of Luzich Partners LLC’s holdings, making the stock its 19th largest holding. Luzich Partners LLC owned 1.60% of Luna Innovations at the end of the most recent reporting period. Institutional investors own 12.14% of the company’s stock.

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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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