Innovative Eyewear’s (LUCY) Hold Rating Reiterated at Maxim Group

Innovative Eyewear (NASDAQ:LUCY)‘s stock had its “hold” rating reaffirmed by stock analysts at Maxim Group in a research report issued to clients and investors on Wednesday,Benzinga reports.

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Innovative Eyewear in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Innovative Eyewear currently has an average rating of “Reduce”.

Innovative Eyewear Trading Up 0.8%

Innovative Eyewear stock traded up $0.01 during mid-day trading on Wednesday, hitting $0.96. The stock had a trading volume of 45,249 shares, compared to its average volume of 1,896,556. The stock has a 50-day simple moving average of $1.05 and a two-hundred day simple moving average of $1.21. The stock has a market capitalization of $6.14 million, a PE ratio of -0.57 and a beta of 2.66. Innovative Eyewear has a 12 month low of $0.90 and a 12 month high of $4.97.

Innovative Eyewear (NASDAQ:LUCY) last released its 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. Innovative Eyewear had a negative return on equity of 83.37% and a negative net margin of 272.42%.The firm had revenue of $0.77 million for the quarter, compared to analyst estimates of $0.70 million.

Hedge Funds Weigh In On Innovative Eyewear

Hedge funds have recently added to or reduced their stakes in the stock. Cetera Investment Advisers raised its position in shares of Innovative Eyewear by 46.5% during the first quarter. Cetera Investment Advisers now owns 500,000 shares of the company’s stock worth $545,000 after purchasing an additional 158,722 shares during the period. Virtu Financial LLC acquired a new stake in shares of Innovative Eyewear during the fourth quarter worth about $33,000. Finally, Citadel Advisors LLC acquired a new stake in shares of Innovative Eyewear during the third quarter worth about $45,000. Institutional investors and hedge funds own 0.96% of the company’s stock.

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.