Innovative Eyewear, Inc. (NASDAQ:LUCY) Stock Short Interest Declines 73.0%

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the target of a significant drop in short interest in September. As of September 15th, there was short interest totaling 158,090 shares, a drop of 73.0% from the August 31st total of 584,824 shares. Based on an average trading volume of 233,061 shares, the short-interest ratio is presently 0.7 days. Currently, 1.9% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Maxim Group lowered Innovative Eyewear from a “buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Wall Street Zen raised shares of Innovative Eyewear to a “hold” rating in a research report on Saturday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Innovative Eyewear in a research report on Friday, July 17th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce”.

Innovative Eyewear Stock Up 2.1%

NASDAQ:LUCY opened at $0.95 on Friday. The company’s 50 day moving average is $0.82 and its 200-day moving average is $0.93. The firm has a market cap of $8.18 million, a price-to-earnings ratio of -0.74 and a beta of 2.76. Innovative Eyewear has a 12 month low of $0.65 and a 12 month high of $2.09.

Innovative Eyewear (NASDAQ:LUCY) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.11. Innovative Eyewear had a negative return on equity of 88.90% and a negative net margin of 225.26%.The business had revenue of $1.01 million for the quarter, compared to analyst estimates of $0.90 million.

Institutional Investors Weigh In On Innovative Eyewear

An institutional investor recently raised its position in Innovative Eyewear stock. Cetera Investment Advisers boosted its position in Innovative Eyewear, Inc. (NASDAQ:LUCY) by 46.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 500,000 shares of the company’s stock after acquiring an additional 158,722 shares during the period. Cetera Investment Advisers owned 7.94% of Innovative Eyewear worth $545,000 at the end of the most recent quarter. Institutional investors own 0.96% of the company’s stock.

Innovative Eyewear Company Profile

Innovative Eyewear, Inc develops and sells smart eyewear designed to combine conventional glasses with wireless audio, hands-free communication and connected technology. Its products are intended to provide features such as open-ear speakers, microphones, Bluetooth connectivity and access to voice-enabled assistants while maintaining the appearance and functionality of everyday eyewear.

The company markets its products under the Lucyd brand and has also introduced licensed smart-eyewear collections associated with brands including Nautica, Eddie Bauer and Reebok.