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Luna Innovations Incorporated (LUNA) Moves 11.7% Higher: Will This Strength Last?

Zacks Equity Research
·2-min read

Luna Innovations Incorporated (LUNA) shares soared 11.7% in the last trading session to close at $6.13. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 6.5% loss over the past four weeks.

The uptick can be attributed to the company's better-than-expected earnings and revenue performance.

This company is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of -50%. Revenues are expected to be $25.93 million, down 7.2% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

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For Luna Innovations Incorporated, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on LUNA going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Luna Innovations Incorporated belongs to the Zacks Technology Services industry. Another stock from the same industry, Rackspace (RXT), closed the last trading session 5.1% higher at $7.20. Over the past month, RXT has returned -23.4%.

Rackspace's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.16. Compared to the company's year-ago EPS, this represents a change of -33.3%. Rackspace currently boasts a Zacks Rank of #4 (Sell).


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