Innovative Eyewear, Inc. (NASDAQ:LUCY) Short Interest Down 49.6% in January

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the recipient of a large drop in short interest in January. As of January 30th, there was short interest totaling 219,224 shares, a drop of 49.6% from the January 15th total of 435,001 shares. Based on an average trading volume of 310,363 shares, the short-interest ratio is presently 0.7 days. Approximately 4.2% of the shares of the stock are short sold. Approximately 4.2% of the shares of the stock are short sold. Based on an average trading volume of 310,363 shares, the short-interest ratio is presently 0.7 days.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Innovative Eyewear stock. Citadel Advisors LLC bought a new stake in shares of Innovative Eyewear, Inc. (NASDAQ:LUCY) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 23,222 shares of the company’s stock, valued at approximately $45,000. Citadel Advisors LLC owned about 0.70% of Innovative Eyewear at the end of the most recent quarter. 0.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Innovative Eyewear in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Innovative Eyewear presently has a consensus rating of “Sell”.

Innovative Eyewear Stock Performance

Shares of NASDAQ LUCY traded up $0.11 during mid-day trading on Friday, hitting $1.13. The stock had a trading volume of 118,961 shares, compared to its average volume of 229,554. The business has a 50 day moving average price of $1.31 and a two-hundred day moving average price of $1.65. Innovative Eyewear has a 1 year low of $0.95 and a 1 year high of $5.56. The firm has a market cap of $6.05 million, a P/E ratio of -0.52 and a beta of 3.25.

Innovative Eyewear (NASDAQ:LUCY) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.11. The company had revenue of $0.67 million for the quarter, compared to the consensus estimate of $1.00 million. Innovative Eyewear had a negative return on equity of 82.35% and a negative net margin of 327.92%.

About Innovative Eyewear

Innovative Eyewear, Inc develops and sells smart eyeglasses and sunglasses. The company's flagship product is Lucyd Lyte glasses that enable the wearer to listen to music, take and make calls, and use voice assistants to perform various smartphone tasks hands-free. It also offers Vyrb, a social media application that enables the user to receive and send posts through Lucyd Lyte smart glasses with voice. In addition, the company launches an application, Lucyd app for iOS/Android users. It sells its products through various e-commerce, and retail store and distribution channels.