Innovative Eyewear (NASDAQ:LUCY) Releases Quarterly Earnings Results

Innovative Eyewear (NASDAQ:LUCY) announced its quarterly earnings results on Friday. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.11, Zacks reports. The company had revenue of $1.01 million during the quarter, compared to the consensus estimate of $0.90 million. Innovative Eyewear had a negative return on equity of 83.37% and a negative net margin of 272.42%.

Innovative Eyewear Price Performance

LUCY stock traded down $0.02 during trading hours on Friday, reaching $0.73. 305,390 shares of the stock were exchanged, compared to its average volume of 3,061,549. The firm’s 50-day moving average is $0.82 and its 200-day moving average is $0.98. Innovative Eyewear has a 12 month low of $0.65 and a 12 month high of $2.24. The company has a market cap of $4.70 million, a price-to-earnings ratio of -0.43 and a beta of 2.72.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Maxim Group lowered Innovative Eyewear from a “buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Innovative Eyewear in a report on Friday, July 17th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Virtu Financial LLC acquired a new stake in Innovative Eyewear in the 4th quarter valued at approximately $33,000. Citadel Advisors LLC bought a new stake in Innovative Eyewear in the 3rd quarter valued at approximately $45,000. Finally, Cetera Investment Advisers acquired a new position in Innovative Eyewear during the 2nd quarter worth approximately $331,000. 0.96% of the stock is owned by institutional investors and hedge funds.

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.