Innovative Eyewear (NASDAQ:LUCY) Stock Price Down 1.7% – What’s Next?

Innovative Eyewear, Inc. (NASDAQ:LUCY)’s stock price fell 1.7% during mid-day trading on Thursday . The company traded as low as $1.70 and last traded at $1.72. 50,708 shares changed hands during trading, a decline of 65% from the average session volume of 144,673 shares. The stock had previously closed at $1.75.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Innovative Eyewear in a report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Innovative Eyewear presently has a consensus rating of “Sell”.

Innovative Eyewear Stock Down 1.7%

The firm’s 50-day moving average is $1.92 and its 200-day moving average is $2.14. The company has a market cap of $5.68 million, a PE ratio of -0.62 and a beta of 3.18.

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

Institutional Investors Weigh In On Innovative Eyewear

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