Innovative Eyewear, Inc. (NASDAQ:LUCY) Short Interest Update

Innovative Eyewear, Inc. (NASDAQ:LUCY) saw a significant decrease in short interest in July. As of July 31st, there was short interest totaling 348,901 shares, a decrease of 46.3% from the July 15th total of 650,128 shares. Approximately 5.5% of the shares of the stock are sold short. Based on an average daily volume of 267,518 shares, the days-to-cover ratio is currently 1.3 days.

Analysts Set New Price Targets

A number of research analysts recently commented on LUCY shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Innovative Eyewear in a report on Friday, July 17th. Maxim Group lowered shares of Innovative Eyewear from a “buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce”.

Innovative Eyewear Price Performance

Shares of NASDAQ:LUCY traded up $0.01 during trading hours on Tuesday, hitting $0.71. 98,529 shares of the company’s stock traded hands, compared to its average volume of 3,024,025. The firm has a market capitalization of $4.55 million, a P/E ratio of -0.55 and a beta of 2.72. The business has a fifty day moving average price of $0.81 and a 200-day moving average price of $0.98. Innovative Eyewear has a 1 year low of $0.65 and a 1 year high of $2.24.

Innovative Eyewear (NASDAQ:LUCY) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.11. Innovative Eyewear had a negative return on equity of 83.29% and a negative net margin of 225.26%.The firm had revenue of $1.01 million during the quarter, compared to analyst estimates of $0.90 million.

Institutional Investors Weigh In On Innovative Eyewear

Several large investors have recently added to or reduced their stakes in LUCY. Cetera Investment Advisers raised its stake in shares of Innovative Eyewear by 46.5% during the first quarter. Cetera Investment Advisers now owns 500,000 shares of the company’s stock valued at $545,000 after acquiring an additional 158,722 shares in the last quarter. Virtu Financial LLC bought a new stake in Innovative Eyewear during the 4th quarter valued at $33,000. Finally, Citadel Advisors LLC purchased a new position in shares of Innovative Eyewear in the 3rd quarter worth approximately $45,000. 0.96% of the stock is owned by hedge funds and other institutional investors.

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.