Innovative Eyewear (NASDAQ:LUCY) Trading Down 6.6% – Time to Sell?

Innovative Eyewear, Inc. (NASDAQ:LUCY) traded down 6.6% during mid-day trading on Thursday . The stock traded as low as $6.33 and last traded at $6.61. 70,724 shares changed hands during trading, a decline of 94% from the average session volume of 1,113,429 shares. The stock had previously closed at $7.08.

Innovative Eyewear Price Performance

The stock has a 50 day moving average price of $6.20 and a 200-day moving average price of $6.77. The stock has a market capitalization of $155.18 million, a P/E ratio of -0.60 and a beta of 2.80.

Innovative Eyewear (NASDAQ:LUCY) last released its quarterly earnings data on Monday, August 12th. The company reported ($1.87) earnings per share 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 for the quarter.

Insiders Place Their Bets

In related news, major shareholder Vladimir Galkin acquired 297,443 shares of Innovative Eyewear stock in a transaction on Thursday, September 19th. The shares were acquired at an average cost of $8.91 per share, with a total value of $2,650,217.13. Following the transaction, the insider now owns 785,573 shares in the company, valued at $6,999,455.43. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders acquired 498,735 shares of company stock worth $4,475,248. 6.42% of the stock is currently owned by company 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.