Innovative Eyewear (NASDAQ:LUCY) Releases Quarterly Earnings Results, Beats Expectations By $0.61 EPS

Innovative Eyewear (NASDAQ:LUCY) released its earnings results on Tuesday. The company reported ($0.99) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.60) by $0.61, Zacks reports. Innovative Eyewear had a negative return on equity of 115.86% and a negative net margin of 514.01%. The business had revenue of $0.25 million for the quarter.

Innovative Eyewear Trading Up 5.6 %

Shares of NASDAQ:LUCY traded up $0.37 during trading on Friday, reaching $6.98. The stock had a trading volume of 64,028 shares, compared to its average volume of 1,070,675. The firm’s 50-day simple moving average is $7.38 and its 200 day simple moving average is $7.01. The company has a market capitalization of $10.96 million, a P/E ratio of -0.73 and a beta of 2.80. Innovative Eyewear has a one year low of $3.26 and a one year high of $27.20.

Insider Transactions at Innovative Eyewear

In related news, major shareholder Vladimir Galkin sold 258,483 shares of the firm’s 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 sale, the insider now directly owns 420,000 shares of the company’s stock, valued at $3,053,400. This trade represents a 38.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have acquired 498,735 shares of company stock worth $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.