Innovative Eyewear (NASDAQ:LUCY) Posts Quarterly Earnings Results, Beats Expectations By $0.11 EPS

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

Innovative Eyewear Trading Down 2.7%

LUCY stock traded down $0.02 during trading on Friday, reaching $0.73. 305,390 shares of the stock were exchanged, compared to its average volume of 217,710. Innovative Eyewear has a twelve month low of $0.65 and a twelve month high of $2.24. The firm’s 50 day moving average is $0.82 and its 200 day moving average is $0.98. The firm has a market cap of $4.70 million, a P/E ratio of -0.43 and a beta of 2.72.

Institutional Trading of Innovative Eyewear

A number of hedge funds and other institutional investors have recently bought and sold shares of LUCY. Citadel Advisors LLC bought a new stake in shares of Innovative Eyewear during the third quarter worth about $45,000. Cetera Investment Advisers increased its holdings in Innovative Eyewear by 60.0% during the 4th quarter. Cetera Investment Advisers now owns 341,278 shares of the company’s stock worth $340,000 after purchasing an additional 127,927 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in Innovative Eyewear during the 4th quarter worth approximately $33,000. Institutional investors own 0.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Maxim Group downgraded Innovative Eyewear from a “buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Innovative Eyewear in a research report on Friday, July 17th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

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.