Innovative Eyewear, Inc. (NASDAQ:LUCY) Short Interest Update

Innovative Eyewear, Inc. (NASDAQ:LUCY) saw a large growth in short interest during the month of May. As of May 15th, there was short interest totaling 55,176 shares, a growth of 105.2% from the April 30th total of 26,889 shares. Currently, 0.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 103,051 shares, the days-to-cover ratio is presently 0.5 days.

Innovative Eyewear Stock Down 2.5%

Shares of LUCY stock traded down $0.03 during trading hours on Monday, hitting $1.01. 34,146 shares of the company’s stock traded hands, compared to its average volume of 1,932,183. The stock’s fifty day simple moving average is $1.05 and its two-hundred day simple moving average is $1.22. Innovative Eyewear has a 12-month low of $0.90 and a 12-month high of $4.97. The stock has a market cap of $6.49 million, a price-to-earnings ratio of -0.61 and a beta of 2.66.

Innovative Eyewear (NASDAQ:LUCY) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.37) earnings per share for the quarter, beating the consensus estimate of ($0.47) by $0.10. The firm 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 83.37% and a negative net margin of 272.42%.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Innovative Eyewear in a research report on Tuesday, April 21st. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of “Sell”.

Institutional Investors Weigh In On Innovative Eyewear

Institutional investors have recently modified their holdings of the business. Cetera Investment Advisers raised its position in 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 in the fourth quarter worth approximately $33,000. Finally, Citadel Advisors LLC bought a new stake in shares of Innovative Eyewear in the third quarter worth approximately $45,000. 0.96% of the stock is owned by hedge funds and other 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.