Innovative Eyewear (NASDAQ:LUCY) Announces Earnings Results, Beats Estimates By $0.11 EPS

Innovative Eyewear (NASDAQ:LUCY) announced its quarterly earnings data on Friday. The company reported ($0.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.11, Zacks reports. The firm had revenue of $1.01 million for the quarter, compared to analyst estimates of $0.90 million. Innovative Eyewear had a negative return on equity of 83.37% and a negative net margin of 272.42%.

Innovative Eyewear Stock Down 2.7%

NASDAQ LUCY traded down $0.02 during mid-day trading on Friday, hitting $0.73. The stock had a trading volume of 305,390 shares, compared to its average volume of 3,061,549. The company has a 50 day simple moving average of $0.82 and a 200 day simple moving average of $0.98. The company has a market cap of $4.70 million, a price-to-earnings ratio of -0.43 and a beta of 2.72. Innovative Eyewear has a 52-week low of $0.65 and a 52-week high of $2.24.

Institutional Trading of Innovative Eyewear

Several large investors have recently bought and sold shares of the company. Cetera Investment Advisers increased its position in shares of Innovative Eyewear by 60.0% in the fourth 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 in the last quarter. Virtu Financial LLC purchased a new stake in shares of Innovative Eyewear in the 4th quarter worth about $33,000. Finally, Citadel Advisors LLC acquired a new stake in Innovative Eyewear in the 3rd quarter valued at about $45,000. Institutional investors and hedge funds own 0.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Innovative Eyewear in a research report on Friday, July 17th. Maxim Group downgraded shares of 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 stock. According to data from MarketBeat, Innovative Eyewear presently has a consensus rating of “Reduce”.

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.