Innovative Eyewear (NASDAQ:LUCY) Trading Down 0.8% – Time to Sell?

Innovative Eyewear, Inc. (NASDAQ:LUCY) shares fell 0.8% on Monday . The stock traded as low as $1.87 and last traded at $1.89. 123,744 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 189,621 shares. The stock had previously closed at $1.91.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded Innovative Eyewear from a “sell” rating to a “hold” rating in a report on Saturday, June 14th.

Innovative Eyewear Stock Down 0.8%

The business has a 50-day simple moving average of $2.02 and a two-hundred day simple moving average of $2.42. The stock has a market capitalization of $6.24 million, a P/E ratio of -0.68 and a beta of 3.21.

Innovative Eyewear (NASDAQ:LUCY) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.66) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.11. The firm had revenue of $0.58 million for the quarter, compared to analysts’ expectations of $1.00 million. Innovative Eyewear had a negative return on equity of 79.72% and a negative net margin of 390.70%.

Hedge Funds Weigh In On Innovative Eyewear

A hedge fund recently bought a new stake in Innovative Eyewear stock. Cetera Investment Advisers bought a new stake in Innovative Eyewear, Inc. (NASDAQ:LUCY) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 156,096 shares of the company’s stock, valued at approximately $331,000. Cetera Investment Advisers owned 3.41% of Innovative Eyewear at the end of the most recent quarter. Institutional investors own 0.96% of the company’s stock.

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.