Innovative Eyewear (NASDAQ:LUCY) CEO Sells $14,727.48 in Stock

Innovative Eyewear, Inc. (NASDAQ:LUCY) CEO Harrison Gross sold 13,764 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $1.07, for a total value of $14,727.48. Following the completion of the transaction, the chief executive officer owned 24,569 shares of the company’s stock, valued at approximately $26,288.83. This represents a 35.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Innovative Eyewear Stock Up 5.6%

Shares of Innovative Eyewear stock opened at $1.13 on Thursday. The stock has a market cap of $9.73 million, a P/E ratio of -0.88 and a beta of 2.72. Innovative Eyewear, Inc. has a 12-month low of $0.65 and a 12-month high of $2.24. The business’s 50 day moving average is $0.81 and its 200-day moving average is $0.97.

Innovative Eyewear (NASDAQ:LUCY) last released its earnings results on Friday, August 14th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.11. The business had revenue of $1.01 million during the quarter, compared to analysts’ expectations of $0.90 million. Innovative Eyewear had a negative net margin of 225.26% and a negative return on equity of 88.90%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC bought a new position in Innovative Eyewear in the 4th quarter valued at about $33,000. Citadel Advisors LLC bought a new stake in shares of Innovative Eyewear during the third quarter worth approximately $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.

Analysts Set New Price Targets

LUCY has been the subject of a number of analyst reports. Maxim Group downgraded shares of Innovative Eyewear from a “buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Innovative Eyewear in a report on Friday, July 17th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently 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.