Innovative Eyewear, Inc. (NASDAQ:LUCY) Sees Significant Drop in Short Interest

Innovative Eyewear, Inc. (NASDAQ:LUCY) was the target of a significant drop in short interest in September. As of September 15th, there was short interest totalling 93,000 shares, a drop of 88.7% from the August 31st total of 822,500 shares. Based on an average trading volume of 1,930,000 shares, the days-to-cover ratio is presently 0.0 days. Approximately 7.4% of the shares of the stock are short sold.

Insider Activity

In other news, major shareholder Vladimir Galkin purchased 297,443 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was purchased at an average cost of $8.91 per share, for a total transaction of $2,650,217.13. Following the completion of the transaction, the insider now owns 785,573 shares of the company’s stock, valued at $6,999,455.43. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.42% of the company’s stock.

Innovative Eyewear Stock Performance

LUCY traded down $0.41 on Wednesday, reaching $9.62. 233,929 shares of the company’s stock were exchanged, compared to its average volume of 1,200,045. Innovative Eyewear has a twelve month low of $3.26 and a twelve month high of $27.20. The stock’s fifty day moving average price is $5.14 and its 200-day moving average price is $6.59.

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

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.