Short Interest in Innovative Eyewear, Inc. (NASDAQ:LUCY) Decreases By 20.5%
by Renee Jackson · The Cerbat GemInnovative Eyewear, Inc. (NASDAQ:LUCY – Get Free Report) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totaling 94,614 shares, a drop of 20.5% from the March 15th total of 119,024 shares. Based on an average daily volume of 71,691 shares, the days-to-cover ratio is presently 1.3 days. Currently, 1.5% of the shares of the company are short sold.
Innovative Eyewear Price Performance
Shares of Innovative Eyewear stock remained flat at $1.09 on Thursday. 62,239 shares of the stock traded hands, compared to its average volume of 75,280. The business has a 50 day simple moving average of $1.10 and a 200-day simple moving average of $1.39. Innovative Eyewear has a twelve month low of $0.95 and a twelve month high of $4.97.
Innovative Eyewear (NASDAQ:LUCY – Get Free Report) last posted its quarterly earnings data on Wednesday, March 25th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.15. The business had revenue of $0.96 million during the quarter, compared to analysts’ expectations of $1.20 million. Innovative Eyewear had a negative net margin of 285.16% and a negative return on equity of 79.72%.
Institutional Trading of Innovative Eyewear
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new stake in Innovative Eyewear during the fourth quarter valued at approximately $33,000. Citadel Advisors LLC purchased a new stake in shares of Innovative Eyewear in the 3rd quarter valued at approximately $45,000. Finally, Cetera Investment Advisers purchased a new stake in shares of Innovative Eyewear in the 2nd quarter valued at approximately $331,000. 0.96% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Innovative Eyewear in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has a consensus rating of “Sell”.
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.