Innovative Eyewear (NASDAQ:LUCY) Shares Down 8.5% – What’s Next?

Innovative Eyewear, Inc. (NASDAQ:LUCY) was down 8.5% during mid-day trading on Wednesday . The company traded as low as $1.1805 and last traded at $1.19. Approximately 264,241 shares traded hands during trading, a decline of 97% from the average daily volume of 9,551,468 shares. The stock had previously closed at $1.30.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Innovative Eyewear in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of “Sell”.

Innovative Eyewear Stock Performance

The company has a 50 day simple moving average of $1.40 and a 200 day simple moving average of $1.74. The company has a market capitalization of $6.37 million, a PE ratio of -0.55 and a beta of 3.26.

Innovative Eyewear (NASDAQ:LUCY) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.11. Innovative Eyewear had a negative return on equity of 82.35% and a negative net margin of 327.92%.The firm had revenue of $0.67 million during the quarter, compared to the consensus estimate of $1.00 million.

Institutional Trading of Innovative Eyewear

An institutional investor recently bought a new position in Innovative Eyewear stock. Citadel Advisors LLC bought a new position in Innovative Eyewear, Inc. (NASDAQ:LUCY) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm bought 23,222 shares of the company’s stock, valued at approximately $45,000. Citadel Advisors LLC owned approximately 0.70% of Innovative Eyewear at the end of the most recent reporting period. 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. 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.