Innovative Eyewear (NASDAQ:LUCY) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Innovative Eyewear (NASDAQ:LUCY) to a hold rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

A number of other analysts have also commented on the company. Maxim Group lowered Innovative Eyewear from a “buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Innovative Eyewear in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce”.

Innovative Eyewear Stock Performance

Shares of NASDAQ LUCY opened at $0.96 on Friday. The firm’s 50 day moving average price is $0.82 and its 200-day moving average price is $0.93. Innovative Eyewear has a 52-week low of $0.65 and a 52-week high of $2.08. The company has a market cap of $8.33 million, a PE ratio of -0.74 and a beta of 2.76.

Innovative Eyewear (NASDAQ:LUCY) last announced its quarterly earnings results on Friday, August 14th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $1.01 million during the quarter, compared to the consensus estimate of $0.90 million.

Institutional Investors Weigh In On Innovative Eyewear

A hedge fund recently raised its stake in Innovative Eyewear stock. Cetera Investment Advisers increased its position in Innovative Eyewear, Inc. (NASDAQ:LUCY) by 46.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 500,000 shares of the company’s stock after acquiring an additional 158,722 shares during the period. Cetera Investment Advisers owned about 7.94% of Innovative Eyewear worth $545,000 at the end of the most recent reporting period. 0.96% of the stock is owned by institutional investors.

About Innovative Eyewear

Innovative Eyewear, Inc develops and sells smart eyewear designed to combine conventional glasses with wireless audio, hands-free communication and connected technology. Its products are intended to provide features such as open-ear speakers, microphones, Bluetooth connectivity and access to voice-enabled assistants while maintaining the appearance and functionality of everyday eyewear.

The company markets its products under the Lucyd brand and has also introduced licensed smart-eyewear collections associated with brands including Nautica, Eddie Bauer and Reebok.