Innovative Eyewear (NASDAQ:LUCY) Announces Earnings Results

Innovative Eyewear (NASDAQ:LUCY) announced its quarterly earnings data on Thursday. The company reported ($0.37) EPS for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.10, FiscalAI reports. The firm had revenue of $0.77 million for the quarter, compared to analyst estimates of $0.70 million. Innovative Eyewear had a negative return on equity of 79.64% and a negative net margin of 272.42%.

Innovative Eyewear Trading Down 7.9%

Shares of NASDAQ:LUCY traded down $0.08 during midday trading on Friday, hitting $0.93. The company had a trading volume of 126,331 shares, compared to its average volume of 96,961. Innovative Eyewear has a 12 month low of $0.92 and a 12 month high of $4.97. The stock has a market cap of $5.86 million, a price-to-earnings ratio of -0.55 and a beta of 2.70. The firm has a fifty day simple moving average of $1.07 and a 200 day simple moving average of $1.27.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC bought a new position in Innovative Eyewear during the fourth quarter worth about $33,000. Cetera Investment Advisers lifted 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 acquiring an additional 127,927 shares in the last quarter. Finally, Citadel Advisors LLC bought a new position in Innovative Eyewear during the third quarter worth about $45,000. 0.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Innovative Eyewear in a research report on Tuesday, April 21st. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has a consensus rating of “Sell”.

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.