Innovative Eyewear, Inc. (NASDAQ:LUCY) Shares Shorted: Short Interest Down 73.0% in September

Innovative Eyewear, Inc. (NASDAQ:LUCY) saw a large drop in short interest in the month of September. As of September 15th, there was short interest totaling 158,090 shares, a drop of 73.0% from the August 31st total of 584,824 shares. Currently, 1.9% of the company’s stock are short sold. Based on an average daily volume of 233,061 shares, the days-to-cover ratio is presently 0.7 days.

Innovative Eyewear Trading Up 2.1%

NASDAQ:LUCY traded up $0.02 during trading hours on Friday, reaching $0.95. 86,894 shares of the company traded hands, compared to its average volume of 293,602. The business’s 50-day moving average price is $0.82 and its two-hundred day moving average price is $0.93. Innovative Eyewear has a 1 year low of $0.65 and a 1 year high of $2.09. The stock has a market capitalization of $8.18 million, a P/E ratio of -0.74 and a beta of 2.76.

Innovative Eyewear (NASDAQ:LUCY) last released its earnings results on Friday, August 14th. The company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.11. The firm had revenue of $1.01 million for the quarter, compared to analysts’ expectations of $0.90 million. Innovative Eyewear had a negative return on equity of 88.90% and a negative net margin of 225.26%.

Analyst Ratings Changes

LUCY has been the subject of a number of research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Innovative Eyewear in a report on Friday, July 17th. Wall Street Zen raised shares of Innovative Eyewear to a “hold” rating in a research report on Saturday. Finally, Maxim Group lowered shares of Innovative Eyewear from a “buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce”.

Hedge Funds Weigh In On Innovative Eyewear

An institutional investor recently raised its stake in Innovative Eyewear stock. Cetera Investment Advisers boosted its holdings in Innovative Eyewear, Inc. (NASDAQ:LUCY) by 46.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 500,000 shares of the company’s stock after acquiring an additional 158,722 shares during the quarter. Cetera Investment Advisers owned 7.94% of Innovative Eyewear worth $545,000 at the end of the most recent quarter. 0.96% of the stock is owned by institutional investors and hedge funds.

Innovative Eyewear Company Profile

Innovative Eyewear, Inc develops and sells smart eyewear designed to combine conventional glasses with wireless audio, hands-free communication and connected technology. Its products are intended to provide features such as open-ear speakers, microphones, Bluetooth connectivity and access to voice-enabled assistants while maintaining the appearance and functionality of everyday eyewear.

The company markets its products under the Lucyd brand and has also introduced licensed smart-eyewear collections associated with brands including Nautica, Eddie Bauer and Reebok.