Innovative Eyewear (NASDAQ:LUCY) Announces Quarterly Earnings Results

Innovative Eyewear (NASDAQ:LUCY) released its earnings results on Wednesday. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.15, FiscalAI reports. Innovative Eyewear had a negative net margin of 327.92% and a negative return on equity of 82.35%. The business had revenue of $0.96 million during the quarter, compared to analysts’ expectations of $1.20 million.

Innovative Eyewear Stock Down 3.5%

LUCY traded down $0.04 during trading on Wednesday, hitting $1.09. The company’s stock had a trading volume of 67,534 shares, compared to its average volume of 3,420,244. The firm’s 50 day moving average price is $1.17 and its two-hundred day moving average price is $1.48. The stock has a market capitalization of $5.83 million, a price-to-earnings ratio of -0.50 and a beta of 3.23. Innovative Eyewear has a 12 month low of $0.95 and a 12 month high of $5.56.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Innovative Eyewear

Several large investors have recently made changes to their positions in LUCY. Virtu Financial LLC bought a new position in shares of Innovative Eyewear in the 4th quarter valued at about $33,000. Citadel Advisors LLC bought a new position in shares of Innovative Eyewear in the third quarter valued at about $45,000. Finally, Cetera Investment Advisers bought a new stake in shares of Innovative Eyewear during the second quarter worth approximately $331,000. Institutional investors and hedge funds own 0.96% of the company’s stock.

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.