Innovative Eyewear, Inc. (NASDAQ:LUCY) Short Interest Update

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the recipient of a large drop in short interest in the month of 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 volume of 267,518 shares, the days-to-cover ratio is currently 1.3 days. Approximately 5.5% of the company’s stock are short sold.

Innovative Eyewear Trading Down 4.6%

Shares of LUCY traded down $0.03 during midday trading on Monday, reaching $0.70. The stock had a trading volume of 117,051 shares, compared to its average volume of 3,042,761. The firm has a market cap of $4.48 million, a PE ratio of -0.54 and a beta of 2.72. The firm has a 50 day simple moving average of $0.82 and a 200-day simple moving average of $0.98. Innovative Eyewear has a one year low of $0.65 and a one year high of $2.24.

Innovative Eyewear (NASDAQ:LUCY) last issued its earnings results on Friday, August 14th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.11. The business had revenue of $1.01 million during the quarter, compared to the consensus estimate of $0.90 million. Innovative Eyewear had a negative net margin of 225.26% and a negative return on equity of 83.29%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Virtu Financial LLC acquired a new stake in shares of Innovative Eyewear during the 4th quarter worth about $33,000. Citadel Advisors LLC acquired a new position in Innovative Eyewear in the 3rd quarter valued at about $45,000. Finally, Cetera Investment Advisers bought a new position in Innovative Eyewear in the 2nd quarter valued at about $331,000. 0.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on LUCY. Maxim Group downgraded shares of Innovative Eyewear from a “buy” rating to a “hold” rating in a research note 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 assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce”.

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.