Innovative Eyewear (NASDAQ:LUCY) Issues Quarterly Earnings Results

Innovative Eyewear (NASDAQ:LUCY) issued its earnings results on Thursday. The company reported ($0.37) earnings per share for the quarter, topping the consensus estimate of ($0.47) by $0.10, FiscalAI reports. Innovative Eyewear had a negative return on equity of 79.64% 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.

Innovative Eyewear Stock Performance

Shares of NASDAQ:LUCY traded down $0.08 during midday trading on Friday, reaching $0.93. The company had a trading volume of 126,331 shares, compared to its average volume of 96,961. Innovative Eyewear has a 1-year low of $0.92 and a 1-year high of $4.97. The firm has a market cap of $5.86 million, a price-to-earnings ratio of -0.55 and a beta of 2.70. The company has a fifty day simple moving average of $1.07 and a two-hundred day simple moving average of $1.27.

Hedge Funds Weigh In On Innovative Eyewear

A number of hedge funds and other institutional investors have recently modified their holdings of LUCY. Cetera Investment Advisers acquired a new position in shares of Innovative Eyewear in the 2nd quarter valued at $331,000. Citadel Advisors LLC acquired a new position in shares of Innovative Eyewear in the 3rd quarter valued at $45,000. Finally, Virtu Financial LLC acquired a new position in shares of Innovative Eyewear in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 0.96% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.