Innovative Eyewear (NASDAQ:LUCY) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Innovative Eyewear (NASDAQ:LUCY) posted its earnings results on Thursday. The company reported ($0.37) earnings per share for the quarter, beating the consensus estimate of ($0.47) by $0.10, FiscalAI reports. The company had revenue of $0.77 million during the quarter, compared to analysts’ expectations of $0.70 million. Innovative Eyewear had a negative net margin of 272.42% and a negative return on equity of 79.64%.

Innovative Eyewear Price Performance

Shares of Innovative Eyewear stock traded down $0.08 during trading on Friday, hitting $0.93. The stock had a trading volume of 126,331 shares, compared to its average volume of 96,961. The firm’s fifty day simple moving average is $1.07 and its 200-day simple moving average is $1.27. The stock has a market cap of $5.86 million, a PE ratio of -0.55 and a beta of 2.70. Innovative Eyewear has a 12 month low of $0.92 and a 12 month high of $4.97.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Innovative Eyewear in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has a consensus rating of “Sell”.

Institutional Investors Weigh In On Innovative Eyewear

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LUCY. Cetera Investment Advisers bought a new stake in Innovative Eyewear during the 2nd quarter valued at about $331,000. Virtu Financial LLC bought a new stake in Innovative Eyewear during the 4th quarter valued at about $33,000. Finally, Citadel Advisors LLC bought a new stake in Innovative Eyewear during the 3rd quarter valued at about $45,000. Institutional investors own 0.96% of the company’s stock.

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.