Luna Innovations Incorporated (NASDAQ:LUNA) Moves Up Sharply
Luna Innovations Incorporated (NASDAQ: LUNA), which is an unusual and a small cap stock suddenly saw some very encouraging trading in the latest round of trades. The stock soared 23.6% indicating that the stock is definitely worth a closer second look and the performance can also be compared to other small cap benchmarks.
About Luna Innovations Incorporated
Luna Innovations Incorporated was founded in 1990. It is a company comprised of engineers, scientists and business professionals involved in the manufacture of new technologies and products. The company has successfully taken new tech from applied research towards development and then to the commercial markets in areas like healthcare, aerospace, energy, defense, automotive and telecommunications. In more than one case, these successful ventures grew out into new businesses which were sold off to industry leaders while in some other cases LUNA was able to raise private capital and even form joint ventures.
What we Need to Know Luna Innovations Incorporated
Around 413,632 shares of Luna Innovations changed hands on Monday against a normal volume of 33500 shares. Despite this there aren’t that many news pieces about the company on major financials websites or news portals. In the early days of November Luna Innovations reported a decline in revenue year over year for Q3 to $5.7 million and a decline in sequential revenue by 4% as tech development revenues fell by 15% as well. The net loss for common stockholders increased to $0.6 million from $0.3 million from the same quarter last year.
Luna Innovations Inc had an agreement with UltraTech International Inc where the latter would be given exclusive global licensing to LUNA’s new textile repellent tech which can address problems of keeping fabrics cleaner. The new tech is a result of the research done under the US Army contract which is covered through the Small Business Innovations program to develop self cleaning uniforms. This product has a broad scope for commercialization as it can be used practically anywhere.
All in all there is a lot of exciting stuff brewing at Luna Innovations Inc and this is definitely a company to keep a watchful eye upon.