Luna Innovations Incorporated (NASDAQ:LUNA)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $2.57 and last traded at $2.49, with a volume of 249100 shares trading hands. The stock had previously closed at $2.40.

Separately, Zacks Investment Research upgraded shares of Luna Innovations from a “hold” rating to a “buy” rating and set a $2.00 price target on the stock in a research note on Friday, November 17th.

The company has a quick ratio of 3.32, a current ratio of 3.83 and a debt-to-equity ratio of 0.02.

Luna Innovations declared that its board has approved a stock buyback plan 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 repurchase up to 4.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

An institutional investor recently raised its position in Luna Innovations stock. Vanguard Group Inc. increased its position in shares of Luna Innovations Incorporated (NASDAQ:LUNA) by 0.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 475,489 shares of the scientific and technical instruments company’s stock after purchasing an additional 2,400 shares during the quarter. Vanguard Group Inc. owned 1.73% of Luna Innovations worth $718,000 at the end of the most recent reporting period. 12.14% of the stock is owned by institutional investors and hedge funds.

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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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