Innovative Eyewear, Inc. (NASDAQ:LUCY) Stock Short Interest Declines 73.0%

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the target of a large drop in short interest in September. As of September 15th, there was short interest totaling 158,090 shares, a drop of 73.0% from the August 31st total of 584,824 shares. Approximately 1.9% of the shares of the stock are short sold. Based on an average trading volume of 233,061 shares, the days-to-cover ratio is presently 0.7 days.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on LUCY. Wall Street Zen upgraded Innovative Eyewear to a “hold” rating in a research report on Saturday. Maxim Group downgraded Innovative Eyewear from a “buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Innovative Eyewear in a report on Friday, July 17th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce”.

Innovative Eyewear Trading Up 2.1%

Shares of Innovative Eyewear stock opened at $0.95 on Friday. The stock has a 50-day moving average price of $0.82 and a 200 day moving average price of $0.93. The company has a market cap of $8.18 million, a P/E ratio of -0.74 and a beta of 2.76. Innovative Eyewear has a 1 year low of $0.65 and a 1 year high of $2.09.

Innovative Eyewear (NASDAQ:LUCY) last announced its quarterly earnings data on Friday, August 14th. The company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.11. The firm 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

A hedge fund recently raised its position in Innovative Eyewear stock. Cetera Investment Advisers boosted its stake in Innovative Eyewear, Inc. (NASDAQ:LUCY) by 46.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 500,000 shares of the company’s stock after buying an additional 158,722 shares during the quarter. Cetera Investment Advisers owned approximately 7.94% of Innovative Eyewear worth $545,000 at the end of the most recent quarter. 0.96% of the stock is owned by hedge funds and other institutional investors.

About Innovative Eyewear

Innovative Eyewear, Inc develops and sells smart eyewear designed to combine conventional glasses with wireless audio, hands-free communication and connected technology. Its products are intended to provide features such as open-ear speakers, microphones, Bluetooth connectivity and access to voice-enabled assistants while maintaining the appearance and functionality of everyday eyewear.

The company markets its products under the Lucyd brand and has also introduced licensed smart-eyewear collections associated with brands including Nautica, Eddie Bauer and Reebok.