Innovative Eyewear, Inc. (NASDAQ:LUCY) Sees Large Decline in Short Interest

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the target of a significant decrease in short interest in September. As of September 15th, there was short interest totaling 158,090 shares, a decrease of 73.0% from the August 31st total of 584,824 shares. Approximately 1.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 233,061 shares, the days-to-cover ratio is presently 0.7 days.

Innovative Eyewear Trading Up 0.7%

LUCY stock traded up $0.01 during mid-day trading on Monday, hitting $0.96. The stock had a trading volume of 53,529 shares, compared to its average volume of 3,753,587. The firm has a fifty day simple moving average of $0.82 and a 200 day simple moving average of $0.93. The firm has a market capitalization of $8.33 million, a P/E ratio of -0.74 and a beta of 2.76. Innovative Eyewear has a 52 week low of $0.65 and a 52 week high of $2.08.

Innovative Eyewear (NASDAQ:LUCY) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.11. 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 net margin of 225.26% and a negative return on equity of 88.90%.

Wall Street Analysts Forecast Growth

LUCY has been the topic of a number of recent research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Innovative Eyewear in a research note on Friday, July 17th. Wall Street Zen upgraded Innovative Eyewear to a “hold” rating in a research report on Saturday. Finally, Maxim Group lowered Innovative Eyewear from a “buy” rating to a “hold” rating in a report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce”.

Institutional Investors Weigh In On Innovative Eyewear

An institutional investor recently raised its position in Innovative Eyewear stock. Cetera Investment Advisers lifted its holdings in shares of Innovative Eyewear, Inc. (NASDAQ:LUCY) by 46.5% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 500,000 shares of the company’s stock after buying an additional 158,722 shares during the period. Cetera Investment Advisers owned about 7.94% of Innovative Eyewear worth $545,000 as of its most recent filing with the SEC. 0.96% of the stock is currently owned by institutional investors and hedge funds.

Innovative Eyewear Company Profile

Innovative Eyewear, Inc develops and sells smart eyewear designed to combine conventional glasses with wireless audio, hands-free communication and connected technology. Its products are intended to provide features such as open-ear speakers, microphones, Bluetooth connectivity and access to voice-enabled assistants while maintaining the appearance and functionality of everyday eyewear.

The company markets its products under the Lucyd brand and has also introduced licensed smart-eyewear collections associated with brands including Nautica, Eddie Bauer and Reebok.