Zacks Investment Research upgraded shares of Luna Innovations Incorporated (NASDAQ:LUNA) from a hold rating to a buy rating in a report issued on Friday. Zacks Investment Research currently has $2.00 price target on the scientific and technical instruments company’s stock.

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. “

Separately, Northland Securities set a $3.00 price target on shares of Luna Innovations and gave the company a buy rating in a research note on Monday, August 14th.

Shares of Luna Innovations (NASDAQ:LUNA) opened at $2.06 on Friday. Luna Innovations has a one year low of $1.16 and a one year high of $2.33. The company has a current ratio of 3.83, a quick ratio of 3.32 and a debt-to-equity ratio of 0.02.

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Luna Innovations announced that its board has authorized a share repurchase plan on Wednesday, September 20th that authorizes the company to repurchase $2.00 million in outstanding shares. This repurchase authorization authorizes the scientific and technical instruments company to repurchase up to 4.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

An institutional investor recently raised its position in Luna Innovations stock. Vanguard Group Inc. boosted its holdings in Luna Innovations Incorporated (NASDAQ:LUNA) by 0.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 475,489 shares of the scientific and technical instruments company’s stock after buying an additional 2,400 shares during the quarter. Vanguard Group Inc. owned approximately 1.73% of Luna Innovations worth $718,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 10.26% of the company’s stock.

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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