Innovative Eyewear, Inc. (NASDAQ:LUCY) Sees Large Decrease in Short Interest

Innovative Eyewear, Inc. (NASDAQ:LUCY) saw a significant drop in short interest in May. As of May 29th, there was short interest totaling 33,413 shares, a drop of 39.4% from the May 14th total of 55,176 shares. Currently, 0.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 78,748 shares, the short-interest ratio is currently 0.4 days.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Innovative Eyewear in a report on Tuesday, April 21st. Maxim Group lowered shares of Innovative Eyewear from a “buy” rating to a “hold” rating in a report on Wednesday, June 3rd. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce”.

Innovative Eyewear Trading Down 1.4%

Shares of LUCY traded down $0.01 during mid-day trading on Monday, hitting $0.86. 56,373 shares of the company traded hands, compared to its average volume of 1,766,417. Innovative Eyewear has a one year low of $0.86 and a one year high of $4.97. The business has a 50-day moving average of $1.01 and a 200 day moving average of $1.17. The stock has a market capitalization of $5.49 million, a price-to-earnings ratio of -0.51 and a beta of 2.66.

Innovative Eyewear (NASDAQ:LUCY) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.37) EPS for the quarter, beating the consensus estimate of ($0.47) by $0.10. Innovative Eyewear had a negative net margin of 272.42% and a negative return on equity of 83.37%. The business had revenue of $0.77 million for the quarter, compared to analysts’ expectations of $0.70 million.

Institutional Trading of Innovative Eyewear

Several hedge funds have recently modified their holdings of LUCY. Virtu Financial LLC bought a new stake in shares of Innovative Eyewear during the fourth quarter valued at approximately $33,000. Citadel Advisors LLC bought a new stake in shares of Innovative Eyewear during the third quarter valued at approximately $45,000. Finally, Cetera Investment Advisers bought a new stake in shares of Innovative Eyewear during the second quarter valued at approximately $331,000. 0.96% of the stock is owned by institutional investors.

Innovative Eyewear Company Profile

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.