Innovative Eyewear (NASDAQ:LUCY) Announces Quarterly Earnings Results

Innovative Eyewear (NASDAQ:LUCY) released its quarterly earnings data on Tuesday. The company reported ($0.99) earnings per share for the quarter, beating the consensus estimate 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 Price Performance

Shares of LUCY traded up $0.18 during mid-day trading on Friday, hitting $6.79. 78,922 shares of the company’s stock were exchanged, compared to its average volume of 1,070,743. The company has a 50-day simple moving average of $7.38 and a 200 day simple moving average of $7.01. Innovative Eyewear has a 52 week low of $3.26 and a 52 week high of $27.20. The company has a market cap of $10.66 million, a PE ratio of -0.72 and a beta of 2.80.

Insider Buying and Selling

In other news, major shareholder Vladimir Galkin bought 200,792 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was bought at an average cost of $9.08 per share, for a total transaction of $1,823,191.36. Following the transaction, the insider now owns 1,000,000 shares of the company’s stock, valued at $9,080,000. This represents a 25.12 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have acquired 498,735 shares of company stock valued at $4,475,248. 6.42% of the stock is owned by insiders.

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.