Innovative Eyewear (NASDAQ:LUCY) CEO Harrison Gross Sells 13,764 Shares

Innovative Eyewear, Inc. (NASDAQ:LUCY) CEO Harrison Gross sold 13,764 shares of Innovative Eyewear stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $1.07, for a total value of $14,727.48. Following the completion of the transaction, the chief executive officer directly owned 24,569 shares of the company’s stock, valued at approximately $26,288.83. This represents a 35.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Innovative Eyewear Price Performance

Shares of NASDAQ:LUCY opened at $1.12 on Tuesday. The firm has a market capitalization of $9.64 million, a PE ratio of -0.87 and a beta of 2.72. Innovative Eyewear, Inc. has a 1 year low of $0.65 and a 1 year high of $2.24. The firm’s 50-day moving average is $0.80 and its two-hundred day moving average is $0.97.

Innovative Eyewear (NASDAQ:LUCY) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.26) 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 analyst estimates of $0.90 million. Innovative Eyewear had a negative net margin of 225.26% and a negative return on equity of 88.90%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on LUCY. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Innovative Eyewear in a research report on Friday, July 17th. Maxim Group lowered Innovative Eyewear from a “buy” rating to a “hold” rating in a report on Wednesday, June 3rd. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce”.

Institutional Trading of Innovative Eyewear

Hedge funds have recently added to or reduced their stakes in the company. Citadel Advisors LLC acquired a new position in Innovative Eyewear during the 3rd quarter worth approximately $45,000. Virtu Financial LLC acquired a new stake in shares of Innovative Eyewear in the 4th quarter valued at $33,000. Finally, Cetera Investment Advisers lifted its position in shares of Innovative Eyewear by 60.0% during the 4th 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 last quarter. Institutional investors and hedge funds own 0.96% of the company’s stock.

Key Innovative Eyewear News

Here are the key news stories impacting Innovative Eyewear this week:

• Positive Sentiment: HTC alliance expands product offering: Innovative Eyewear announced a strategic alliance with HTC to commercialize HTC’s VIVE Eagle smart eyewear in the United States. The products are expected to be offered through Innovative Eyewear’s Lucyd.co online store, potentially strengthening the company’s role in the U.S. smart-eyewear market. Innovative Eyewear Announces Strategic Alliance with HTC Corporation
• Positive Sentiment: Retail expansion could improve visibility and sales: The company said Lucyd Armor products are entering more than 150 stores of a major U.S. big-box retailer in a test rollout, with sales expected to begin in October. Wider physical-store distribution could increase customer reach and validate demand for its smart eyewear. Innovative Eyewear Announces Expansion Into More than 150 Stores
• Neutral Sentiment: Market reaction reflects high speculation: LUCY’s trading volume reached roughly 193 million shares versus an average of about 4.1 million. While the activity accompanied the rally, the company remains very small, with a market capitalization of approximately $9.6 million, and the announcements do not yet provide specific revenue or profit projections. Innovative Eyewear Stock Jumps After HTC Alliance Announcement
• Negative Sentiment: Broad insider selling adds risk: CEO Harrison R. Gross, CTO David Eric Cohen, COO Joaquin Abondano, CFO Oswald Gayle and insider Konrad Dabrowski all reported stock sales dated August 19. The transactions reduced their respective holdings by approximately 14% to 29%, which may weigh on sentiment, although insider sales do not necessarily indicate a negative view of the company.

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.