Short Interest in Innovative Eyewear, Inc. (NASDAQ:LUCY) Grows By 108.5%

by · The Markets Daily

Innovative Eyewear, Inc. (NASDAQ:LUCY – Get Free Report) saw a significant growth in short interest during the month of August. As of August 31st, there was short interest totaling 584,824 shares, a growth of 108.5% from the August 15th total of 280,516 shares. Approximately 6.9% of the shares of the stock are sold short. Based on an average daily volume of 19,229,689 shares, the short-interest ratio is presently 0.0 days.

Innovative Eyewear Trading Down 0.1%

Shares of NASDAQ LUCY traded down $0.00 during trading on Monday, reaching $0.83. The company had a trading volume of 99,273 shares, compared to its average volume of 3,956,221. Innovative Eyewear has a twelve month low of $0.65 and a twelve month high of $2.24. The stock has a 50-day moving average price of $0.84 and a two-hundred day moving average price of $0.95. The stock has a market capitalization of $7.18 million, a PE ratio of -0.64 and a beta of 2.76.

Innovative Eyewear (NASDAQ:LUCY – Get Free Report) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.11. Innovative Eyewear had a negative return on equity of 88.90% and a negative net margin of 225.26%.The business had revenue of $1.01 million for the quarter, compared to analyst estimates of $0.90 million.

Institutional Investors Weigh In On Innovative Eyewear

A number of hedge funds and other institutional investors have recently modified their holdings of LUCY. Cetera Investment Advisers lifted 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 buying an additional 158,722 shares during the period. Citadel Advisors LLC purchased a new stake in Innovative Eyewear in the 3rd quarter worth approximately $45,000. Finally, Virtu Financial LLC acquired a new position in Innovative Eyewear in the 4th quarter valued at $33,000. 0.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on LUCY shares. Weiss Ratings reaffirmed 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 company. According to MarketBeat, Innovative Eyewear currently has a consensus rating of “Reduce”.

Check Out Our Latest Stock Report on LUCY

Innovative Eyewear Company Profile

(Get Free Report)

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.

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