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

Innovative Eyewear (NASDAQ:LUCY) posted 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 net margin of 514.01% and a negative return on equity of 115.86%. The company had revenue of $0.25 million during the quarter.

Innovative Eyewear Stock Performance

Shares of Innovative Eyewear stock traded up $0.37 during trading on Friday, hitting $6.98. The company’s stock had a trading volume of 64,028 shares, compared to its average volume of 1,070,675. The company has a market capitalization of $10.96 million, a PE ratio of -0.73 and a beta of 2.80. Innovative Eyewear has a 52 week low of $3.26 and a 52 week high of $27.20. The company has a fifty day simple moving average of $7.38 and a two-hundred day simple moving average of $7.01.

Insider Activity

In related news, major shareholder Vladimir Galkin bought 200,792 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was acquired at an average cost of $9.08 per share, for a total transaction of $1,823,191.36. Following the purchase, the insider now owns 1,000,000 shares in the company, valued at approximately $9,080,000. This represents a 25.12 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders acquired 498,735 shares of company stock worth $4,475,248. 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.