Short Interest in Innovative Eyewear, Inc. (NASDAQ:LUCY) Rises By 2,511.3%

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the recipient of a significant increase in short interest in the month of July. As of July 15th, there was short interest totaling 650,128 shares, an increase of 2,511.3% from the June 30th total of 24,897 shares. Currently, 10.3% of the shares of the company are sold short. Based on an average daily volume of 26,317,729 shares, the short-interest ratio is presently 0.0 days.

Innovative Eyewear Stock Performance

LUCY opened at $0.65 on Friday. The company has a market cap of $4.17 million, a price-to-earnings ratio of -0.39 and a beta of 2.71. Innovative Eyewear has a one year low of $0.65 and a one year high of $2.27. The business’s fifty day moving average is $0.90 and its two-hundred day moving average is $1.06.

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

Wall Street Analysts Forecast Growth

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

Institutional Trading of Innovative Eyewear

Several institutional investors and hedge funds have recently made changes to their positions in LUCY. Cetera Investment Advisers lifted its stake in shares of Innovative Eyewear by 46.5% during the 1st quarter. Cetera Investment Advisers now owns 500,000 shares of the company’s stock worth $545,000 after purchasing an additional 158,722 shares during the period. Virtu Financial LLC purchased a new position in Innovative Eyewear during the fourth quarter worth about $33,000. Finally, Citadel Advisors LLC acquired a new stake in Innovative Eyewear in the 3rd quarter worth about $45,000. 0.96% of the stock is currently owned by hedge funds and other 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.