Innovative Eyewear, Inc. (NASDAQ:LUCY) Short Interest Up 108.5% in August

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totaling 584,824 shares, an increase of 108.5% from the August 15th total of 280,516 shares. Currently, 6.9% of the company’s stock are short sold. Based on an average daily volume of 19,229,689 shares, the short-interest ratio is presently 0.0 days.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on LUCY shares. Weiss Ratings restated a “sell (e+)” rating on shares of Innovative Eyewear in a report on Friday, July 17th. Maxim Group downgraded shares of Innovative Eyewear from a “buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Innovative Eyewear has a consensus rating of “Reduce”.

Innovative Eyewear Stock Down 0.5%

Shares of LUCY traded down $0.00 during midday trading on Tuesday, reaching $0.83. 156,436 shares of the stock were exchanged, compared to its average volume of 10,883,959. The stock’s 50 day simple moving average is $0.83 and its 200 day simple moving average is $0.94. Innovative Eyewear has a twelve month low of $0.65 and a twelve month high of $2.24.

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

Institutional Investors Weigh In On Innovative Eyewear

A hedge fund recently raised its position in Innovative Eyewear stock. Cetera Investment Advisers grew its holdings in Innovative Eyewear, Inc. (NASDAQ:LUCY) by 46.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 500,000 shares of the company’s stock after purchasing an additional 158,722 shares during the period. Cetera Investment Advisers owned approximately 7.94% of Innovative Eyewear worth $545,000 as of its most recent SEC filing. 0.96% of the stock is currently owned by institutional investors and hedge funds.

Innovative Eyewear Company Profile

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.