NEW YORK (TheStreet) -- Luna Innovations (LUNA) soared 48.22% to $2.25 in morning trading Tuesday off the strength of Rada Electronic Industries (RADA) , which reported second-quarter earnings Monday.
The Israeli company, which specializes in defense electronics, reported a 23% year-over-year revenue increase to $6.4 million from $5.2 million. Net income totaled $385,000, or 4 cents a share, compared to a net loss of $935,000 or 10 cents a share, in the same period in 2013.
Luna manufactures products for the medical, telecommunications, energy and defense markets.
More than 4 million LUNA shares had changed hands as of 9:58 a.m., which dwarfed the average volume of 39,483.
Separately, TheStreet Ratings team rates LUNA INNOVATIONS INC as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate LUNA INNOVATIONS INC (LUNA) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been weak operating cash flow."