Market Globalist

Here is why Luna Innovations Incorporated (LUNA) stock plunged in the after-hours on Monday?

Luna Innovations Incorporated (LUNA) shares lost 9.09% to trade at $10.7 in after-market on Monday, May 17, 2021. Earlier, LUNA’s stock gained 0.86% to close Monday’s session at $11.77. LUNA shares have surged 119.18% over the last 12 months, and they have moved up 7.88% in the past week. Over the past three months, the stock has lost 2.24%, while over the past six months, it has added 58.63%.

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Let’s see is there any reason behind its loss in the after-hours on Monday?


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Financial result announcement

On May 17, 2021, Luna Innovations Incorporated released its financial results for the three months ended March 31, 2021.

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Q1 2021 financial highlights

FY-2021Outlook

Luna is expecting

Important changes to the leadership team

On May 17, 2021, Luna Innovations Inc announced some core changes and appointed William Van Anglen (Bill)as senior vice president & head of Human Resources, effective immediately. The position will report to CEO Scott A. Graeff and will be responsible for all aspects of the company’s human resources strategy, including talent management, training and development, compensation, and benefits.

OptaSensepartnership with Liberty Oilfield Services

On May 13, 2021, Luna Innovations Inc announced an important partnership between its OptaSense business and Liberty Oilfield Services to introduce FracSenseTM, a diagnostic service to help engineering professionals at our oil & gas customers acquire more accurate diagnostic information, ultimately leading to optimized hydrocarbon production.

The diagnostics service utilizes real-time fibre optic measurements to monitor per-stage fracture placement and frac hits in offset wells. Since the technology can be conveyed via wireline, it can also be used to profile production in producing wells.

New Chief Operating Officer appointment

On April 28, 2021, Luna Innovations Incorporated appointed Brian J. Solleras the company’s new Chief Operating Officer (COO.

Soller has more than two decades of experience and has held numerous executive and leadership roles, most recently as Senior Vice President and General Manager of Lightwave.

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Conclusion

The financial results announcement after the market close on Monday could be the reason behind LUNA stock loss. Despite improved financial results, compared to the same quarter in 2020, LUNA stock price declined. we have to wait and see how LUNA will perform on Tuesday when the market opens.

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