Innovative Eyewear, Inc. (NASDAQ:LUCY) Short Interest Update

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the target of a large increase in short interest during the month of May. As of May 15th, there was short interest totaling 55,176 shares, an increase of 105.2% from the April 30th total of 26,889 shares. Approximately 0.9% of the shares of the company are sold short. Based on an average daily trading volume, of 103,051 shares, the short-interest ratio is presently 0.5 days.

Innovative Eyewear Trading Down 5.5%

Shares of LUCY opened at $0.95 on Wednesday. The firm has a market cap of $6.08 million, a PE ratio of -0.56 and a beta of 2.66. The firm has a fifty day simple moving average of $1.05 and a two-hundred day simple moving average of $1.21. Innovative Eyewear has a 1-year low of $0.90 and a 1-year high of $4.97.

Innovative Eyewear (NASDAQ:LUCY) last announced its 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 analyst estimates of $0.70 million. Innovative Eyewear had a negative net margin of 272.42% and a negative return on equity of 83.37%.

Institutional Investors Weigh In On Innovative Eyewear

Several hedge funds and other institutional investors have recently modified their holdings of LUCY. Cetera Investment Advisers increased its stake in shares of Innovative Eyewear by 46.5% in 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 in the last quarter. Virtu Financial LLC purchased a new stake in shares of Innovative Eyewear in the 4th quarter worth $33,000. Finally, Citadel Advisors LLC purchased a new stake in shares of Innovative Eyewear in the 3rd quarter worth $45,000. 0.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

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.