Innovative Eyewear, Inc. (NASDAQ:LUCY) Short Interest Up 108.5% in August

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totaling 584,824 shares, an increase of 108.5% from the August 15th total of 280,516 shares. Approximately 6.9% of the company’s shares are sold short. Based on an average daily volume of 19,229,689 shares, the short-interest ratio is currently 0.0 days.

Hedge Funds Weigh In On Innovative Eyewear

A number of hedge funds have recently added to or reduced their stakes in LUCY. Cetera Investment Advisers lifted its position in shares of Innovative Eyewear by 46.5% in the 1st quarter. Cetera Investment Advisers now owns 500,000 shares of the company’s stock worth $545,000 after buying an additional 158,722 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Innovative Eyewear during the 4th quarter valued at about $33,000. Finally, Citadel Advisors LLC bought a new stake in shares of Innovative Eyewear during the 3rd quarter valued at about $45,000. Institutional investors and hedge funds own 0.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on LUCY shares. Maxim Group downgraded shares of Innovative Eyewear from a “buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Innovative Eyewear in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce”.

Innovative Eyewear Stock Down 0.1%

Shares of LUCY traded down $0.00 during mid-day trading on Monday, reaching $0.83. 99,273 shares of the stock traded hands, compared to its average volume of 3,956,221. The stock has a fifty day simple moving average of $0.84 and a 200 day simple moving average of $0.95. Innovative Eyewear has a 12-month low of $0.65 and a 12-month high of $2.24. The firm has a market cap of $7.18 million, a price-to-earnings ratio of -0.64 and a beta of 2.76.

Innovative Eyewear (NASDAQ:LUCY) last announced its earnings results on Friday, August 14th. The company reported ($0.26) earnings per share (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.

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.