Innovative Eyewear, Inc. (NASDAQ:LUCY) Sees Significant Decrease in Short Interest

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the target of a large drop in short interest in January. As of January 30th, there was short interest totaling 219,224 shares, a drop of 49.6% from the January 15th total of 435,001 shares. Based on an average daily volume of 310,363 shares, the short-interest ratio is currently 0.7 days. Approximately 4.2% of the shares of the stock are short sold. Approximately 4.2% of the shares of the stock are short sold. Based on an average daily volume of 310,363 shares, the short-interest ratio is currently 0.7 days.

Innovative Eyewear Stock Up 10.8%

Shares of NASDAQ:LUCY traded up $0.11 during trading on Friday, reaching $1.13. The stock had a trading volume of 118,958 shares, compared to its average volume of 6,433,477. The stock has a market cap of $6.05 million, a P/E ratio of -0.52 and a beta of 3.25. The business has a fifty day moving average price of $1.32 and a 200-day moving average price of $1.66. Innovative Eyewear has a fifty-two week low of $0.95 and a fifty-two week high of $5.56.

Innovative Eyewear (NASDAQ:LUCY) last announced its earnings results on Thursday, November 13th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.11. Innovative Eyewear had a negative net margin of 327.92% and a negative return on equity of 82.35%. The firm had revenue of $0.67 million for the quarter, compared to analyst estimates of $1.00 million.

Hedge Funds Weigh In On Innovative Eyewear

A hedge fund recently bought a new stake in Innovative Eyewear stock. Citadel Advisors LLC purchased a new position in Innovative Eyewear, Inc. (NASDAQ:LUCY) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 23,222 shares of the company’s stock, valued at approximately $45,000. Citadel Advisors LLC owned about 0.70% of Innovative Eyewear at the end of the most recent quarter. Hedge funds and other institutional investors own 0.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Innovative Eyewear in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Innovative Eyewear presently 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.