Brokerages forecast that Luna Innovations Incorporated (NASDAQ:LUNA) will announce sales of $9.90 million for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Luna Innovations’ earnings. The highest sales estimate is $10.30 million and the lowest is $9.50 million. Luna Innovations posted sales of $11.64 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 14.9%. The firm is expected to report its next earnings report before the market opens on Thursday, November 8th.
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 financial year, analysts anticipate that the company will report sales of $44.30 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Luna Innovations.
Several research analysts have recently commented on the company. Dawson James assumed coverage on Luna Innovations in a report on Tuesday, October 2nd. They set a “buy” rating on the stock. Zacks Investment Research upgraded Luna Innovations from a “sell” rating to a “hold” rating in a report on Tuesday, August 14th. Finally, Northland Securities lowered Luna Innovations from an “outperform” rating to a “market perform” rating and set a $4.00 price target on the stock. in a report on Friday, August 3rd.
Large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its position in shares of Luna Innovations by 96.5% during the 1st quarter. JPMorgan Chase & Co. now owns 63,491 shares of the scientific and technical instruments company’s stock worth $206,000 after purchasing an additional 31,184 shares during the last quarter. Alambic Investment Management L.P. increased its position in shares of Luna Innovations by 21.1% during the 2nd quarter. Alambic Investment Management L.P. now owns 106,574 shares of the scientific and technical instruments company’s stock worth $318,000 after purchasing an additional 18,563 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Luna Innovations by 106.1% during the 2nd quarter. Acadian Asset Management LLC now owns 128,838 shares of the scientific and technical instruments company’s stock worth $384,000 after purchasing an additional 66,327 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Luna Innovations by 50.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 212,354 shares of the scientific and technical instruments company’s stock worth $688,000 after purchasing an additional 71,055 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its position in shares of Luna Innovations by 6.9% during the 2nd quarter. Janney Montgomery Scott LLC now owns 450,400 shares of the scientific and technical instruments company’s stock worth $1,342,000 after purchasing an additional 29,000 shares during the last quarter. 23.37% of the stock is owned by hedge funds and other institutional investors.
Luna Innovations Company 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.
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