Short Interest in Innovative Eyewear, Inc. (NASDAQ:LUCY) Drops By 34.0%

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the target of a large drop in short interest in April. As of April 30th, there was short interest totaling 26,889 shares, a drop of 34.0% from the April 15th total of 40,757 shares. Approximately 0.4% of the company’s stock are short sold. Based on an average daily volume of 88,310 shares, the short-interest ratio is currently 0.3 days.

Innovative Eyewear Price Performance

NASDAQ LUCY opened at $0.93 on Monday. Innovative Eyewear has a 12 month low of $0.92 and a 12 month high of $4.97. The company has a market capitalization of $5.95 million, a price-to-earnings ratio of -0.55 and a beta of 2.70. The company’s fifty day moving average price is $1.07 and its two-hundred day moving average price is $1.26.

Innovative Eyewear (NASDAQ:LUCY) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.37) EPS for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.10. Innovative Eyewear had a negative net margin of 272.42% and a negative return on equity of 83.37%. The firm had revenue of $0.77 million for the quarter, compared to the consensus estimate of $0.70 million.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Innovative Eyewear in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in LUCY. Cetera Investment Advisers bought a new position in Innovative Eyewear during the 2nd quarter valued at $331,000. Citadel Advisors LLC bought a new position in Innovative Eyewear during the 3rd quarter valued at $45,000. Finally, Virtu Financial LLC bought a new position in shares of Innovative Eyewear in the 4th quarter worth about $33,000. 0.96% of the stock is currently owned by 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.