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

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the recipient of a large decline in short interest in January. As of January 30th, there was short interest totaling 219,224 shares, a decline of 49.6% from the January 15th total of 435,001 shares. Currently, 4.2% of the company’s stock are sold short. Based on an average daily volume of 310,363 shares, the short-interest ratio is currently 0.7 days. Based on an average daily volume of 310,363 shares, the short-interest ratio is currently 0.7 days. Currently, 4.2% of the company’s stock are sold short.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Innovative Eyewear stock. Cetera Investment Advisers acquired a new stake in Innovative Eyewear, Inc. (NASDAQ:LUCY) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 156,096 shares of the company’s stock, valued at approximately $331,000. Cetera Investment Advisers owned 3.41% of Innovative Eyewear as of its most recent filing with the SEC. Institutional investors own 0.96% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Innovative Eyewear in a research report on Thursday, January 22nd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has an average rating of “Sell”.

Innovative Eyewear Stock Performance

NASDAQ:LUCY traded down $0.08 during trading on Thursday, reaching $1.02. The company’s stock had a trading volume of 86,880 shares, compared to its average volume of 6,649,120. Innovative Eyewear has a 12 month low of $0.95 and a 12 month high of $5.56. The firm has a market cap of $5.46 million, a price-to-earnings ratio of -0.47 and a beta of 3.25. The firm has a 50 day moving average of $1.33 and a 200-day moving average of $1.66.

Innovative Eyewear (NASDAQ:LUCY) last released its earnings results on Thursday, November 13th. The company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.11. Innovative Eyewear had a negative net margin of 327.92% and a negative return on equity of 82.35%. The firm had revenue of $0.67 million during the quarter, compared to the consensus estimate of $1.00 million.

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.