Short Interest in Innovative Eyewear, Inc. (NASDAQ:LUCY) Decreases By 34.0%

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the recipient of a significant drop in short interest in the month of April. As of April 30th, there was short interest totaling 26,889 shares, a drop of 34.0% from the April 15th total of 40,757 shares. Currently, 0.4% of the company’s stock are short sold. Based on an average daily trading volume, of 88,310 shares, the short-interest ratio is currently 0.3 days.

Innovative Eyewear Stock Performance

LUCY traded down $0.03 on Tuesday, hitting $0.91. The company had a trading volume of 20,617 shares, compared to its average volume of 2,088,154. The stock has a fifty day moving average price of $1.07 and a 200-day moving average price of $1.26. Innovative Eyewear has a 12-month low of $0.90 and a 12-month high of $4.97. The stock has a market capitalization of $5.74 million, a price-to-earnings ratio of -0.54 and a beta of 2.70.

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

Hedge Funds Weigh In On Innovative Eyewear

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Citadel Advisors LLC acquired a new stake in Innovative Eyewear in the third quarter worth about $45,000. Virtu Financial LLC acquired a new stake in Innovative Eyewear in the fourth quarter worth about $33,000. Finally, Cetera Investment Advisers acquired a new stake in Innovative Eyewear in the second quarter worth about $331,000. Hedge funds and other institutional investors own 0.96% of the company’s stock.

Wall Street Analysts Forecast Growth

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