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

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the target of a significant drop in short interest in the month of May. As of May 29th, there was short interest totaling 33,413 shares, a drop of 39.4% from the May 14th total of 55,176 shares. Based on an average daily trading volume, of 78,748 shares, the short-interest ratio is currently 0.4 days. Approximately 0.5% of the shares of the company are short sold.

Institutional Trading of Innovative Eyewear

Several hedge funds have recently modified their holdings of the company. Citadel Advisors LLC acquired a new stake in shares of Innovative Eyewear during the third quarter worth approximately $45,000. Virtu Financial LLC acquired a new stake in shares of Innovative Eyewear during the fourth quarter worth approximately $33,000. Finally, Cetera Investment Advisers increased its holdings in shares of Innovative Eyewear by 60.0% during the fourth quarter. Cetera Investment Advisers now owns 341,278 shares of the company’s stock worth $340,000 after buying an additional 127,927 shares in the last quarter. Institutional investors and hedge funds own 0.96% of the company’s stock.

Innovative Eyewear Trading Down 1.4%

NASDAQ:LUCY traded down $0.01 during mid-day trading on Monday, hitting $0.86. The company’s stock had a trading volume of 56,373 shares, compared to its average volume of 1,766,417. Innovative Eyewear has a fifty-two week low of $0.86 and a fifty-two week high of $4.97. The company has a market capitalization of $5.49 million, a price-to-earnings ratio of -0.51 and a beta of 2.66. The stock has a fifty day moving average of $1.01 and a 200-day moving average of $1.17.

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

Analyst Upgrades and Downgrades

Several research firms recently issued reports on LUCY. Maxim Group lowered shares of 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 research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Innovative Eyewear currently has a consensus rating of “Reduce”.

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.