Innovative Eyewear (NASDAQ:LUCY) Posts Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Innovative Eyewear (NASDAQ:LUCY) released its quarterly earnings results on Thursday. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.11, Zacks reports. The company 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 83.37% and a negative net margin of 272.42%.

Innovative Eyewear Stock Performance

Shares of LUCY traded down $0.02 during mid-day trading on Friday, reaching $0.73. 305,390 shares of the company were exchanged, compared to its average volume of 217,710. The business has a 50 day simple moving average of $0.82 and a two-hundred day simple moving average of $0.98. The stock has a market capitalization of $4.70 million, a PE ratio of -0.43 and a beta of 2.72. Innovative Eyewear has a 52 week low of $0.65 and a 52 week high of $2.24.

Analyst Ratings Changes

LUCY has been the topic of a number of research reports. Maxim Group lowered shares of Innovative Eyewear from a “buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Innovative Eyewear in a report on Friday, July 17th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce”.

Institutional Trading of Innovative Eyewear

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new position in Innovative Eyewear during the 4th quarter worth approximately $33,000. Cetera Investment Advisers boosted its stake in shares of Innovative Eyewear by 60.0% in the 4th quarter. Cetera Investment Advisers now owns 341,278 shares of the company’s stock valued at $340,000 after purchasing an additional 127,927 shares during the last quarter. Finally, Citadel Advisors LLC acquired a new stake in shares of Innovative Eyewear during the third quarter worth $45,000. Institutional investors and hedge funds 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.