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

Innovative Eyewear (NASDAQ:LUCY) released its quarterly earnings results on Tuesday. The company reported ($0.99) earnings per share (EPS) 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 during the quarter.

Innovative Eyewear Price Performance

NASDAQ:LUCY traded up $0.16 during trading hours on Friday, hitting $6.77. The company’s stock had a trading volume of 80,207 shares, compared to its average volume of 1,070,748. The company has a market capitalization of $10.63 million, a P/E ratio of -0.72 and a beta of 2.80. Innovative Eyewear has a twelve month low of $3.26 and a twelve month high of $27.20. The stock has a fifty day simple moving average of $7.38 and a 200-day simple moving average of $7.01.

Insider Activity at Innovative Eyewear

In other news, major shareholder Vladimir Galkin bought 297,443 shares of Innovative Eyewear stock in a transaction dated Thursday, September 19th. The stock was purchased at an average price of $8.91 per share, for a total transaction of $2,650,217.13. Following the purchase, the insider now directly owns 785,573 shares in the company, valued at $6,999,455.43. The trade was a 60.94 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have bought a total of 498,735 shares of company stock valued at $4,475,248 in the last 90 days. 6.42% of the stock is owned by corporate insiders.

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.