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Pulled Back After Streak of Gains Challenging 52-Week High - Tuesday, July 27, 2021
Luna Innovations Inc (LUNA -$0.69 or -5.70% to $11.42) pulled back today with average volume after a streak of 5 consecutive gains with the 3 latest marked by higher volume. It was highlighted in yellow in the 7/26/21 mid-day report (read here) with pivot point cited based on its 3/12/21 high plus 10 cents. LUNA rallied impressively from support at its 200 DMA line, nearly challenging its 52-week high. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a technical buy signal.
The company has a 96 Earnings Per Share Rating. It reported Mar '21 quarterly earnings +50% on +53% sales revenues versus the year ago period, its 4th strong quarterly comparison (C criteria). Annual earnings (A criteria) history has improved in recent years, helping it match with the fundamental guidelines of the fact-based investment systems.
There are only 31.4 million shares outstanding (S criteria). The number of top-rated funds owning its shares rose from 130 in Sep '20 to 149 in Mar '21, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio is 1.1 an unbiased indication its shares have been under slight accumulation over the past 50 days. It has a Timeliness Rating of C and a Sponsorship Rating of C.
Chart courtesy of www.stockcharts.com
