Insider Selling: Innovative Eyewear (NASDAQ:LUCY) CEO Sells 13,764 Shares of Stock

Innovative Eyewear, Inc. (NASDAQ:LUCY) CEO Harrison Gross sold 13,764 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer owned 24,569 shares of the company’s stock, valued at $26,288.83. This trade 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 accessible through this hyperlink.

Innovative Eyewear Price Performance

Innovative Eyewear stock traded up $0.44 during trading on Monday, reaching $1.12. 188,141,507 shares of the company were exchanged, compared to its average volume of 4,113,128. The stock’s 50 day simple moving average is $0.80 and its two-hundred day simple moving average is $0.97. The company has a market capitalization of $9.64 million, a P/E ratio of -0.87 and a beta of 2.72. Innovative Eyewear, Inc. has a 52-week low of $0.65 and a 52-week high of $2.24.

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Innovative Eyewear in a research report on Friday, July 17th. Maxim Group cut shares of Innovative Eyewear from a “buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Innovative Eyewear currently has a consensus rating of “Reduce”.

Innovative Eyewear News Roundup

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

• Positive Sentiment: Innovative Eyewear formed 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, providing access to a recognized electronics brand and potentially expanding the company’s product lineup. Innovative Eyewear Announces Strategic Alliance with HTC Corporation
• Positive Sentiment: The company also announced a test rollout of Lucyd Armor smart eyewear in more than 150 stores operated by one of the largest U.S. big-box retailers. Sales are expected to begin in October, creating a potentially meaningful retail channel and increasing product visibility. Innovative Eyewear Announces Expansion Into More than 150 Stores
• Neutral Sentiment: The stock’s move was accompanied by volume far above its normal average, indicating strong speculative interest and heightened investor attention following the announcements. However, the company remains very small and has reported substantial losses.
• Negative Sentiment: Several insiders reported selling shares on August 19. CEO Harrison R. Gross sold 13,974 shares, while the CTO, COO, CFO and insider Konrad Dabrowski also reduced their holdings. The sales, completed at approximately $0.67 to $0.70 per share, reduced individual ownership positions by roughly 14% to 29% and may weigh on sentiment.
• Negative Sentiment: Additional SEC-reported sales by company executives and insiders occurred in April and July, including sizable reductions by the CEO and CFO. Although these transactions may reflect personal or administrative considerations, the broader pattern represents a potential cautionary signal for investors.

Institutional Trading of Innovative Eyewear

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Citadel Advisors LLC purchased a new position in shares of Innovative Eyewear in the third quarter valued at approximately $45,000. Virtu Financial LLC acquired a new stake in Innovative Eyewear during the 4th quarter worth approximately $33,000. Finally, Cetera Investment Advisers boosted its position in Innovative Eyewear by 60.0% in the 4th quarter. Cetera Investment Advisers now owns 341,278 shares of the company’s stock valued at $340,000 after buying an additional 127,927 shares during the period. 0.96% of the stock is currently owned by hedge funds and other institutional investors.

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.