Short Interest in Innovative Eyewear, Inc. (NASDAQ:LUCY) Declines By 39.4%

Innovative Eyewear, Inc. (NASDAQ:LUCY) saw a significant decrease in short interest in May. As of May 29th, there was short interest totaling 33,413 shares, a decrease of 39.4% from the May 14th total of 55,176 shares. Based on an average trading volume of 78,748 shares, the short-interest ratio is presently 0.4 days. Approximately 0.5% of the company’s shares are short sold.

Institutional Investors Weigh In On Innovative Eyewear

A number of large investors have recently added to or reduced their stakes in LUCY. Cetera Investment Advisers acquired a new stake in Innovative Eyewear during the 2nd quarter valued at $331,000. Citadel Advisors LLC acquired a new stake in Innovative Eyewear during the 3rd quarter valued at $45,000. Finally, Virtu Financial LLC acquired a new stake in Innovative Eyewear during the 4th quarter valued at $33,000. 0.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on LUCY shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Innovative Eyewear in a research report on Tuesday, April 21st. Maxim Group lowered shares of Innovative Eyewear from a “buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Reduce”.

Innovative Eyewear Stock Performance

Shares of LUCY stock traded up $0.00 during trading hours on Tuesday, reaching $0.86. The company had a trading volume of 61,137 shares, compared to its average volume of 62,249. Innovative Eyewear has a twelve month low of $0.86 and a twelve month high of $4.97. The company has a market capitalization of $5.51 million, a P/E ratio of -0.51 and a beta of 2.66. The stock’s fifty day simple moving average is $1.01 and its 200 day simple moving average is $1.16.

Innovative Eyewear (NASDAQ:LUCY) last posted its earnings results on Thursday, May 14th. The company reported ($0.37) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.10. The business had revenue of $0.77 million during the quarter, compared to analyst estimates of $0.70 million. Innovative Eyewear had a negative return on equity of 83.37% and a negative net margin of 272.42%.

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.