Innovative Eyewear (NASDAQ:LUCY) Shares Down 6.6% – Here’s What Happened

Shares of Innovative Eyewear, Inc. (NASDAQ:LUCY) dropped 6.6% during trading on Thursday . The stock traded as low as $6.33 and last traded at $6.61. Approximately 70,724 shares traded hands during trading, a decline of 94% from the average daily volume of 1,113,429 shares. The stock had previously closed at $7.08.

Innovative Eyewear Price Performance

The firm’s 50-day moving average is $6.26 and its 200 day moving average is $6.77. The stock has a market cap of $157.99 million, a price-to-earnings ratio of -0.61 and a beta of 2.80.

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

Insider Buying and Selling

In other Innovative Eyewear news, major shareholder Vladimir Galkin sold 258,483 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders purchased 498,735 shares of company stock valued at $4,475,248. Insiders own 6.42% 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.