Innovative Eyewear (NASDAQ:LUCY) Announces Earnings Results

Innovative Eyewear (NASDAQ:LUCY) released its earnings results on Thursday. The company reported ($0.37) EPS for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.10, FiscalAI reports. The company had revenue of $0.77 million during the quarter, compared to the consensus estimate of $0.70 million. Innovative Eyewear had a negative return on equity of 79.64% and a negative net margin of 272.42%.

Innovative Eyewear Trading Down 7.9%

LUCY traded down $0.08 during midday trading on Friday, hitting $0.93. The company’s stock had a trading volume of 126,331 shares, compared to its average volume of 96,961. The firm has a market cap of $5.86 million, a P/E ratio of -0.55 and a beta of 2.70. The firm has a 50-day moving average price of $1.07 and a two-hundred day moving average price of $1.27. Innovative Eyewear has a 52-week low of $0.92 and a 52-week high of $4.97.

Institutional Trading of Innovative Eyewear

A number of institutional investors have recently modified their holdings of LUCY. Cetera Investment Advisers purchased a new stake in shares of Innovative Eyewear during the 2nd quarter worth about $331,000. Citadel Advisors LLC acquired a new position in shares of Innovative Eyewear in the 3rd quarter valued at approximately $45,000. Finally, Virtu Financial LLC acquired a new position in shares of Innovative Eyewear in the 4th quarter valued at approximately $33,000. 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 Tuesday, April 21st. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently 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.