Harrison Gross Sells 13,764 Shares of Innovative Eyewear (NASDAQ:LUCY) Stock

Innovative Eyewear, Inc. (NASDAQ:LUCY) CEO Harrison Gross sold 13,764 shares of the business’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $1.07, for a total transaction of $14,727.48. Following the sale, the chief executive officer directly owned 24,569 shares of the company’s stock, valued at approximately $26,288.83. This represents a 35.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Innovative Eyewear Stock Down 4.5%

Shares of NASDAQ LUCY opened at $1.07 on Wednesday. The firm’s 50-day moving average price is $0.81 and its two-hundred day moving average price is $0.97. Innovative Eyewear, Inc. has a 52-week low of $0.65 and a 52-week high of $2.24. The stock has a market capitalization of $9.21 million, a P/E ratio of -0.83 and a beta of 2.72.

Innovative Eyewear (NASDAQ:LUCY) last posted its earnings results on Friday, August 14th. The company reported ($0.26) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.11. The company had revenue of $1.01 million during the quarter, compared to analyst estimates of $0.90 million. Innovative Eyewear had a negative return on equity of 88.90% and a negative net margin of 225.26%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC bought a new stake in Innovative Eyewear during the fourth quarter worth approximately $33,000. Citadel Advisors LLC bought a new position in Innovative Eyewear during the 3rd quarter valued at $45,000. Finally, Cetera Investment Advisers bought a new position in Innovative Eyewear during the 2nd quarter valued at $331,000. Institutional investors and hedge funds own 0.96% of the company’s stock.

Analyst Ratings Changes

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

Key Headlines Impacting Innovative Eyewear

Here are the key news stories impacting Innovative Eyewear this week:

• Positive Sentiment: HTC alliance expands smart-eyewear opportunity: Innovative Eyewear announced an agreement to help commercialize HTC’s VIVE Eagle smart eyewear in the United States through its Lucyd.co online store. The partnership could broaden LUCY’s product offering and strengthen its position in the U.S. smart-glasses market. Innovative Eyewear Announces Strategic Alliance with HTC Corporation
• Positive Sentiment: Retail rollout provides a potential sales catalyst: Lucyd Armor products are being tested in more than 150 stores operated by a major U.S. big-box retailer, with sales expected to begin in October. Physical-store exposure could increase brand awareness and provide evidence of consumer demand, although the rollout is still in its early stages. Innovative Eyewear Announces Retail Expansion
• Neutral Sentiment: Short-interest data offers no meaningful signal: Reported short interest was zero shares as of August 25, unchanged from the prior reported period. The resulting short-interest ratio of zero days suggests that short covering is not a factor behind the recent move.
• Negative Sentiment: Multiple insiders have reduced their holdings: CEO Harrison Gross, CTO David Eric Cohen, COO Joaquin Abondano, CFO Oswald Gayle and insider Konrad Dabrowski reported stock sales, including transactions dated August 19. The sales reduced individual holdings by roughly 14% to 29%; the CEO’s reported April sale reduced his ownership by approximately 36%. While insider sales can be made for personal reasons, the broad pattern may weigh on sentiment. Innovative Eyewear Insider Selling
• Negative Sentiment: Financial risk remains significant: Innovative Eyewear recently reported a quarterly loss of $0.26 per share and revenue of $1.01 million. Although results exceeded analyst estimates, the company continues to operate at a substantial loss, with a negative net margin and limited institutional ownership.

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.