Short Interest in Innovative Eyewear, Inc. (NASDAQ:LUCY) Expands By 2,511.3%

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the target of a large growth in short interest during the month of July. As of July 15th, there was short interest totaling 650,128 shares, a growth of 2,511.3% from the June 30th total of 24,897 shares. Currently, 10.3% of the shares of the stock are short sold. Based on an average trading volume of 26,317,729 shares, the days-to-cover ratio is currently 0.0 days.

Innovative Eyewear Stock Down 6.4%

Shares of Innovative Eyewear stock traded down $0.04 during midday trading on Friday, hitting $0.65. The company’s stock had a trading volume of 194,451 shares, compared to its average volume of 3,368,020. Innovative Eyewear has a 1-year low of $0.65 and a 1-year high of $2.27. The firm has a market capitalization of $4.17 million, a P/E ratio of -0.39 and a beta of 2.71. The stock has a 50-day simple moving average of $0.90 and a 200-day simple moving average of $1.06.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Maxim Group downgraded 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 report on Friday, July 17th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce”.

Hedge Funds Weigh In On Innovative Eyewear

A number of hedge funds have recently modified their holdings of the stock. Virtu Financial LLC purchased a new stake in shares of Innovative Eyewear during the fourth quarter worth $33,000. Citadel Advisors LLC purchased a new position in Innovative Eyewear in the third quarter valued at about $45,000. Finally, Cetera Investment Advisers purchased a new position in Innovative Eyewear in the second quarter valued at about $331,000. 0.96% of the stock is owned by institutional investors and hedge funds.

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.