Innovative Eyewear (NASDAQ:LUCY) Issues Quarterly Earnings Results

Innovative Eyewear (NASDAQ:LUCY) released its earnings results on Wednesday. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.15, FiscalAI reports. The company had revenue of $0.96 million during the quarter, compared to analyst estimates of $1.20 million. Innovative Eyewear had a negative return on equity of 78.47% and a negative net margin of 285.16%.

Innovative Eyewear Stock Up 1.4%

NASDAQ LUCY opened at $1.11 on Friday. The stock’s 50-day simple moving average is $1.15 and its two-hundred day simple moving average is $1.48. Innovative Eyewear has a twelve month low of $0.95 and a twelve month high of $5.56. The company has a market capitalization of $5.91 million, a price-to-earnings ratio of -0.54 and a beta of 3.23.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Innovative Eyewear in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has an average rating of “Sell”.

Hedge Funds Weigh In On Innovative Eyewear

Institutional investors and hedge funds have recently made changes to their positions in the business. Citadel Advisors LLC bought a new stake in Innovative Eyewear in the third quarter worth $45,000. Virtu Financial LLC purchased a new position in shares of Innovative Eyewear in the 4th quarter worth about $33,000. Finally, Cetera Investment Advisers purchased a new position in shares of Innovative Eyewear in the 2nd quarter worth about $331,000. Institutional investors own 0.96% of the company’s stock.

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.