Innovative Eyewear (NASDAQ:LUCY) Issues Quarterly Earnings Results

Innovative Eyewear (NASDAQ:LUCY) issued its quarterly earnings results on Friday. The company reported ($0.26) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.11, Zacks reports. Innovative Eyewear had a negative net margin of 272.42% and a negative return on equity of 83.37%. The firm had revenue of $1.01 million for the quarter, compared to analysts’ expectations of $0.90 million.

Innovative Eyewear Trading Down 2.7%

Shares of LUCY traded down $0.02 during midday trading on Friday, reaching $0.73. The stock had a trading volume of 305,390 shares, compared to its average volume of 3,061,549. The firm has a market cap of $4.70 million, a PE ratio of -0.43 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.

Institutional Investors Weigh In On Innovative Eyewear

Several hedge funds have recently bought and sold shares of the company. Cetera Investment Advisers grew its holdings in Innovative Eyewear by 60.0% during the fourth quarter. Cetera Investment Advisers now owns 341,278 shares of the company’s stock worth $340,000 after purchasing an additional 127,927 shares during the period. Citadel Advisors LLC bought a new stake in Innovative Eyewear in the third quarter valued at approximately $45,000. Finally, Virtu Financial LLC bought a new stake in Innovative Eyewear in the fourth quarter valued at approximately $33,000. 0.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on LUCY shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Innovative Eyewear in a research report on Friday, July 17th. Maxim Group cut Innovative Eyewear from a “buy” rating to a “hold” rating in a research report 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 MarketBeat, Innovative Eyewear presently has an average rating of “Reduce”.

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.