Short Interest in Innovative Eyewear, Inc. (NASDAQ:LUCY) Increases By 108.5%

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the target of a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 584,824 shares, a growth of 108.5% from the August 15th total of 280,516 shares. Based on an average daily trading volume, of 19,229,689 shares, the short-interest ratio is presently 0.0 days. Approximately 6.9% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on LUCY. Weiss Ratings reiterated a “sell (e+)” rating on shares of Innovative Eyewear in a report on Friday, July 17th. Maxim Group cut Innovative Eyewear from a “buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. One equities research 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, the company currently has a consensus rating of “Reduce”.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Innovative Eyewear stock. Cetera Investment Advisers grew its stake in Innovative Eyewear, Inc. (NASDAQ:LUCY) by 46.5% during the 1st quarter, according to its most recent disclosure 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 hedge funds and other institutional investors.

Innovative Eyewear Price Performance

NASDAQ:LUCY traded up $0.01 during mid-day trading on Wednesday, hitting $0.83. 32,107 shares of the company’s stock were exchanged, compared to its average volume of 3,912,616. Innovative Eyewear has a one year low of $0.65 and a one year high of $2.24. The business has a fifty day moving average price of $0.83 and a 200 day moving average price of $0.94. The company has a market cap of $7.19 million, a PE ratio of -0.65 and a beta of 2.76.

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