Innovative Eyewear, Inc. (NASDAQ:LUCY) Short Interest Down 46.3% in July

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the target of a large drop in short interest in July. As of July 31st, there was short interest totaling 348,901 shares, a drop of 46.3% from the July 15th total of 650,128 shares. Based on an average daily trading volume, of 267,518 shares, the short-interest ratio is presently 1.3 days. Currently, 5.5% of the company’s stock are sold short.

Analyst Ratings Changes

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

Innovative Eyewear Price Performance

Innovative Eyewear stock traded down $0.02 during midday trading on Friday, reaching $0.73. The company’s stock had a trading volume of 305,390 shares, compared to its average volume of 217,710. The stock has a market capitalization of $4.70 million, a P/E ratio of -0.57 and a beta of 2.72. The stock’s 50-day simple moving average is $0.82 and its 200-day simple moving average is $0.98. Innovative Eyewear has a 52-week low of $0.65 and a 52-week 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 for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.11. Innovative Eyewear had a negative return on equity of 83.37% and a negative net margin of 272.42%.The business had revenue of $1.01 million for the quarter, compared to analyst estimates of $0.90 million.

Institutional Trading of Innovative Eyewear

Large investors have recently bought and sold shares of the stock. Citadel Advisors LLC purchased a new position in shares of Innovative Eyewear in the third quarter worth $45,000. Virtu Financial LLC acquired a new position in shares of Innovative Eyewear in the 4th quarter valued at $33,000. Finally, Cetera Investment Advisers raised its stake in Innovative Eyewear by 60.0% in the 4th quarter. Cetera Investment Advisers now owns 341,278 shares of the company’s stock worth $340,000 after acquiring an additional 127,927 shares during the last quarter. Hedge funds and other institutional investors own 0.96% of the company’s stock.

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.