Innovative Eyewear, Inc. (NASDAQ:LUCY) Sees Large Growth in Short Interest

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the recipient of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 185,700 shares, a growth of 260.6% from the October 15th total of 51,500 shares. Based on an average daily trading volume, of 1,760,000 shares, the days-to-cover ratio is presently 0.1 days. Currently, 71.8% of the company’s shares are sold short.

Insider Activity

In related news, major shareholder Vladimir Galkin sold 258,483 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $7.27, for a total transaction of $1,879,171.41. Following the completion of the sale, the insider now directly owns 420,000 shares in the company, valued at $3,053,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders have purchased 498,735 shares of company stock valued at $4,475,248. 6.42% of the stock is currently owned by insiders.

Innovative Eyewear Stock Down 2.9 %

Shares of LUCY traded down $0.21 during mid-day trading on Tuesday, hitting $6.94. 59,539 shares of the company’s stock traded hands, compared to its average volume of 1,084,331. The business’s 50-day moving average price is $7.29 and its 200-day moving average price is $7.00. Innovative Eyewear has a 1 year low of $3.26 and a 1 year high of $27.20. The firm has a market capitalization of $10.90 million, a P/E ratio of -0.62 and a beta of 2.80.

Innovative Eyewear (NASDAQ:LUCY) last announced its earnings results on Monday, August 12th. The company reported ($1.87) earnings per share for the quarter. The company had revenue of $0.31 million for the quarter. Innovative Eyewear had a negative net margin of 513.65% and a negative return on equity of 128.67%.

Innovative Eyewear Company Profile

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.