Innovative Eyewear, Inc. (NASDAQ:LUCY - Get Free Report) CEO Harrison Gross sold 13,764 shares of the stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $1.07, for a total value of $14,727.48. Following the completion of the transaction, the chief executive officer owned 24,569 shares in the company, valued at approximately $26,288.83. The trade was a 35.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Innovative Eyewear Stock Up 63.8%
Shares of LUCY opened at $1.12 on Tuesday. The company has a market capitalization of $9.64 million, a price-to-earnings ratio of -0.87 and a beta of 2.72. Innovative Eyewear, Inc. has a 52-week low of $0.65 and a 52-week high of $2.24. The stock has a 50 day moving average price of $0.80 and a 200 day moving average price of $0.97.
Innovative Eyewear (NASDAQ:LUCY - Get Free Report) last issued its quarterly earnings data on Friday, August 14th. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.11. Innovative Eyewear had a negative net margin of 225.26% and a negative return on equity of 88.90%. The business had revenue of $1.01 million during the quarter, compared to the consensus estimate of $0.90 million.
Innovative Eyewear News Roundup
Here are the key news stories impacting Innovative Eyewear this week:
- Positive Sentiment: HTC alliance expands product offering: Innovative Eyewear announced a strategic alliance with HTC to commercialize HTC’s VIVE Eagle smart eyewear in the United States. The products are expected to be offered through Innovative Eyewear’s Lucyd.co online store, potentially strengthening the company’s role in the U.S. smart-eyewear market. Innovative Eyewear Announces Strategic Alliance with HTC Corporation
- Positive Sentiment: Retail expansion could improve visibility and sales: The company said Lucyd Armor products are entering more than 150 stores of a major U.S. big-box retailer in a test rollout, with sales expected to begin in October. Wider physical-store distribution could increase customer reach and validate demand for its smart eyewear. Innovative Eyewear Announces Expansion Into More than 150 Stores
- Neutral Sentiment: Market reaction reflects high speculation: LUCY’s trading volume reached roughly 193 million shares versus an average of about 4.1 million. While the activity accompanied the rally, the company remains very small, with a market capitalization of approximately $9.6 million, and the announcements do not yet provide specific revenue or profit projections. Innovative Eyewear Stock Jumps After HTC Alliance Announcement
- Negative Sentiment: Broad insider selling adds risk: CEO Harrison R. Gross, CTO David Eric Cohen, COO Joaquin Abondano, CFO Oswald Gayle and insider Konrad Dabrowski all reported stock sales dated August 19. The transactions reduced their respective holdings by approximately 14% to 29%, which may weigh on sentiment, although insider sales do not necessarily indicate a negative view of the company.
Institutional Trading of Innovative Eyewear
A number of large investors have recently bought and sold shares of the business. Citadel Advisors LLC purchased a new position in Innovative Eyewear during the 3rd quarter worth $45,000. Virtu Financial LLC purchased a new stake in shares of Innovative Eyewear in the fourth quarter valued at about $33,000. Finally, Cetera Investment Advisers grew its holdings in shares of Innovative Eyewear by 60.0% during the fourth quarter. Cetera Investment Advisers now owns 341,278 shares of the company's stock worth $340,000 after buying an additional 127,927 shares during the last quarter. Institutional investors and hedge funds own 0.96% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on the company. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Innovative Eyewear in a report on Friday, July 17th. Maxim Group downgraded Innovative Eyewear from a "buy" rating to a "hold" rating in a research note on Wednesday, June 3rd. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Reduce".
Read Our Latest Report on Innovative Eyewear
About Innovative Eyewear
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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.
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