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

Innovative Eyewear (NASDAQ:LUCY) issued its quarterly earnings results on Tuesday. The company reported ($0.99) EPS for the quarter, topping the consensus estimate of ($1.60) by $0.61, Zacks reports. The firm had revenue of $0.25 million during the quarter. Innovative Eyewear had a negative net margin of 514.01% and a negative return on equity of 115.86%.

Innovative Eyewear Trading Up 2.4 %

LUCY stock traded up $0.16 during mid-day trading on Friday, hitting $6.77. 80,207 shares of the company were exchanged, compared to its average volume of 1,070,748. Innovative Eyewear has a twelve month low of $3.26 and a twelve month high of $27.20. The company has a market capitalization of $10.63 million, a PE ratio of -0.72 and a beta of 2.80. The firm has a fifty day simple moving average of $7.38 and a 200 day simple moving average of $7.01.

Insider Buying and Selling

In other news, major shareholder Vladimir Galkin bought 297,443 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was purchased at an average price of $8.91 per share, with a total value of $2,650,217.13. Following the transaction, the insider now directly owns 785,573 shares in the company, valued at approximately $6,999,455.43. The trade was a 60.94 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have bought a total of 498,735 shares of company stock valued at $4,475,248 in the last quarter. Company insiders own 6.42% of the company’s stock.

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.