Luna Innovations Incorporated (NASDAQ:LUNA) sees a significant drop in short-term interest

Luna Innovations Incorporated (NASDAQ:LUNA – Get Rating) benefited from a sharp drop in short-term interest rates during the month of June. As of June 30, there was short interest totaling 761,600 shares, down 48.9% from the June 15 total of 1,490,000 shares. About 3.2% of the stock’s shares are sold short. Based on an average daily volume of 277,900 shares, the day-to-cover ratio is currently 2.7 days.

Wall Street analysts predict growth

LUNA has been the subject of several recent research reports. StockNews.com launched coverage on Luna Innovations in a research note on Thursday, March 31. They issued a “hold” rating for the company. B. Riley reduced his price target on Luna Innovations from $12.00 to $11.50 in a Tuesday, May 17 research note. Finally, Northland Securities upgraded Luna Innovations from a “market performance” rating to an “outperform” rating and set a target price of $8.00 for the company in a Monday, May 23 report.

Hedge funds weigh on Luna Innovations

A number of hedge funds have recently changed their holdings of LUNA. AMH Equity Ltd bought a new position in shares of Luna Innovations during the 4th quarter for a value of $8,027,000. Wasatch Advisors Inc. increased its stake in Luna Innovations by 44.4% during the 4th quarter. Wasatch Advisors Inc. now owns 1,025,886 shares of the scientific and technical instruments company valued at $8,658,000 after acquiring an additional 315,370 shares during the period. Rice Hall James & Associates LLC increased its stake in Luna Innovations by 46.0% in the fourth quarter. Rice Hall James & Associates LLC now owns 308,387 shares of the scientific and engineering instruments company valued at $2,603,000 after acquiring an additional 97,136 shares during the period. Investment Management of Virginia LLC increased its stake in Luna Innovations by 33.3% during the 4th quarter. Investment Management of Virginia LLC now owns 257,336 shares of the scientific and technical instruments company valued at $2,172,000 after acquiring an additional 64,310 shares during the period. Finally, GSA Capital Partners LLP increased its stake in Luna Innovations by 381.4% in the 1st quarter. GSA Capital Partners LLP now owns 74,142 shares of the scientific and technical instruments company valued at $572,000 after acquiring an additional 58,742 shares during the period. 53.42% of the shares are currently held by hedge funds and other institutional investors.

Luna Innovations trades up 2.5%

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NASDAQ: LUNA traded down $0.15 during Friday trading hours, hitting $6.09. The company had a trading volume of 85,970 shares, compared to an average volume of 418,571. The company has a current ratio of 2.55, a quick ratio of 1.60 and a debt ratio of 0.20. The company has a 50-day moving average of $5.69 and a 200-day moving average of $6.53. The company has a market capitalization of $197.44 million, a P/E ratio of 17.40 and a beta of 1.24. Luna Innovations has a 1-year minimum of $4.88 and a 1-year maximum of $12.99.

Luna Innovations (NASDAQ:LUNA – Get Rating) last released its quarterly results on Monday, May 16. The scientific and technical instruments company reported earnings per share of $0.02 for the quarter, beating analysts’ consensus estimate of ($0.03) by $0.05. The company posted revenue of $22.48 million in the quarter, compared to $21.04 million expected by analysts. Luna Innovations had a return on equity of 5.51% and a net margin of 11.88%. During the same period of the previous year, the company posted an EPS of $0.01. Sell-side analysts expect Luna Innovations to post earnings per share of 0.14 for the current year.

About Luna Innovations

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Luna Innovations Incorporated develops, manufactures and markets fiber optic test, measurement and control products worldwide. The company offers optical test and measurement products, including an optical vector analyzer, optical backscatter reflectometers and the Phoenix family of tunable lasers; and the Hyperion sensing solution that enables full-spectrum data acquisition and flexible peak detection algorithms of fiber Bragg gratings (FBGs), long-period FBGs, and Fabry-Perot sensors with low access data latency for closed-loop feedback applications.

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