Short Interest in Innovative Eyewear, Inc. (NASDAQ:LUCY) Drops By 34.0%

Innovative Eyewear, Inc. (NASDAQ:LUCY) saw a significant decrease in short interest in April. As of April 30th, there was short interest totaling 26,889 shares, a decrease of 34.0% from the April 15th total of 40,757 shares. Based on an average daily volume of 88,310 shares, the short-interest ratio is presently 0.3 days. Approximately 0.4% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Innovative Eyewear in a report on Tuesday, April 21st. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has a consensus rating of “Sell”.

Institutional Investors Weigh In On Innovative Eyewear

Several large investors have recently made changes to their positions in the business. Cetera Investment Advisers increased its position in shares of Innovative Eyewear by 46.5% in the first quarter. Cetera Investment Advisers now owns 500,000 shares of the company’s stock worth $545,000 after acquiring an additional 158,722 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Innovative Eyewear in the fourth quarter worth $33,000. Finally, Citadel Advisors LLC acquired a new stake in shares of Innovative Eyewear in the third quarter worth $45,000. Institutional investors and hedge funds own 0.96% of the company’s stock.

Innovative Eyewear Stock Performance

Shares of LUCY stock opened at $0.93 on Monday. Innovative Eyewear has a one year low of $0.92 and a one year high of $4.97. The company has a 50 day moving average price of $1.07 and a 200 day moving average price of $1.26. The firm has a market capitalization of $5.95 million, a price-to-earnings ratio of -0.55 and a beta of 2.70.

Innovative Eyewear (NASDAQ:LUCY) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.37) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.47) by $0.10. Innovative Eyewear had a negative net margin of 272.42% and a negative return on equity of 83.37%. The company had revenue of $0.77 million during the quarter, compared to analyst estimates of $0.70 million.

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.