Innovative Eyewear, Inc. (NASDAQ:LUCY) Short Interest Down 46.3% in July

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the recipient of a significant decline in short interest in July. As of July 31st, there was short interest totaling 348,901 shares, a decline of 46.3% from the July 15th total of 650,128 shares. Based on an average trading volume of 267,518 shares, the short-interest ratio is currently 1.3 days. Currently, 5.5% of the company’s shares are sold short.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Cetera Investment Advisers purchased a new stake in shares of Innovative Eyewear during the 2nd quarter worth $331,000. Citadel Advisors LLC purchased a new position in Innovative Eyewear in the third quarter valued at about $45,000. Finally, Virtu Financial LLC purchased a new position in Innovative Eyewear in the fourth quarter valued at about $33,000. 0.96% of the stock is owned by institutional investors.

Innovative Eyewear Trading Down 2.7%

Shares of LUCY traded down $0.02 during mid-day trading on Friday, hitting $0.73. The company’s stock had a trading volume of 305,390 shares, compared to its average volume of 217,710. The company’s 50-day moving average is $0.82 and its 200-day moving average is $0.98. Innovative Eyewear has a 52-week low of $0.65 and a 52-week high of $2.24. The firm has a market capitalization of $4.70 million, a price-to-earnings ratio of -0.57 and a beta of 2.72.

Innovative Eyewear (NASDAQ:LUCY) last issued its quarterly earnings data on Friday, August 14th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.11. The company had revenue of $1.01 million for the quarter, compared to analyst estimates of $0.90 million. Innovative Eyewear had a negative net margin of 272.42% and a negative return on equity of 83.37%.

Analyst Upgrades and Downgrades

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

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.