Innovative Eyewear (NASDAQ:LUCY) Announces Earnings Results

Innovative Eyewear (NASDAQ:LUCY) released its quarterly earnings data on Wednesday. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.15, FiscalAI reports. Innovative Eyewear had a negative return on equity of 82.35% and a negative net margin of 327.92%.The company had revenue of $0.96 million for the quarter, compared to the consensus estimate of $1.20 million.

Innovative Eyewear Stock Performance

Shares of NASDAQ LUCY traded down $0.04 during trading on Wednesday, hitting $1.09. The company had a trading volume of 67,534 shares, compared to its average volume of 3,420,244. Innovative Eyewear has a 52 week low of $0.95 and a 52 week high of $5.56. The company has a market cap of $5.83 million, a P/E ratio of -0.50 and a beta of 3.23. The business’s 50-day moving average is $1.17 and its 200 day moving average is $1.48.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Innovative Eyewear

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 in the 4th quarter worth $33,000. Citadel Advisors LLC bought a new stake in shares of Innovative Eyewear in the third quarter valued at approximately $45,000. Finally, Cetera Investment Advisers acquired a new stake in shares of Innovative Eyewear in the second quarter worth $331,000. Institutional investors own 0.96% of the company’s stock.

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.