Luna Innovations (NASDAQ:LUNA) declared that its board has approved a share repurchase program, which permits the company to repurchase $2.00 million in outstanding shares on Wednesday, September 20th, EventVestor reports. This repurchase authorization permits the scientific and technical instruments company to buy up to 4.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

A number of research firms recently commented on LUNA. Zacks Investment Research downgraded Luna Innovations from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Northland Securities set a $3.00 price objective on Luna Innovations and gave the stock a “buy” rating in a report on Monday, August 14th.

Luna Innovations (NASDAQ LUNA) opened at 1.70 on Friday. The firm’s market cap is $47.07 million. The company has a 50-day moving average price of $1.45 and a 200-day moving average price of $1.53. Luna Innovations has a 12-month low of $1.16 and a 12-month high of $2.33.

Luna Innovations (NASDAQ:LUNA) last announced its earnings results on Thursday, August 10th. The scientific and technical instruments company reported ($0.01) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.02. Luna Innovations had a negative return on equity of 5.00% and a negative net margin of 3.00%. The business had revenue of $13.58 million for the quarter, compared to analyst estimates of $14.20 million. On average, analysts predict that Luna Innovations will post ($0.04) earnings per share for the current year.

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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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