Short Interest in Innovative Eyewear, Inc. (NASDAQ:LUCY) Expands By 2,511.3%

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the recipient of a significant growth in short interest during the month of July. As of July 15th, there was short interest totaling 650,128 shares, a growth of 2,511.3% from the June 30th total of 24,897 shares. Based on an average daily trading volume, of 26,317,729 shares, the short-interest ratio is currently 0.0 days. Approximately 10.3% of the company’s stock are short sold.

Innovative Eyewear Stock Down 6.4%

Shares of NASDAQ:LUCY traded down $0.04 on Friday, reaching $0.65. The company had a trading volume of 194,451 shares, compared to its average volume of 3,368,020. The stock has a market capitalization of $4.17 million, a P/E ratio of -0.39 and a beta of 2.71. The stock has a 50-day moving average price of $0.90 and a 200 day moving average price of $1.06. Innovative Eyewear has a twelve month low of $0.65 and a twelve month high of $2.27.

Innovative Eyewear (NASDAQ:LUCY) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.37) EPS for the quarter, beating analysts’ consensus estimates 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 business 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 hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new position in Innovative Eyewear during the fourth quarter valued at approximately $33,000. Citadel Advisors LLC acquired a new stake in shares of Innovative Eyewear in the third quarter worth $45,000. Finally, Cetera Investment Advisers acquired a new stake in shares of Innovative Eyewear in the second quarter worth $331,000. Institutional investors and hedge funds own 0.96% of the company’s stock.

Wall Street Analyst Weigh In

LUCY has been the subject of a number of analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Innovative Eyewear in a research note on Friday, July 17th. Maxim Group downgraded shares of Innovative Eyewear from a “buy” rating to a “hold” rating in a report on Wednesday, June 3rd. One 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 presently has an average 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.