What's Going On With Innovative Eyewear Stock?

Innovative Eyewear, Inc. LUCY shares are rocketing higher Friday on heavy trading volume. Here's a look at what's going on.

What To Know:

Innovative Eyewear shares are moving, despite a lack of company-specific news, on very heavy volume. According to data from Benzinga Pro, more than 615 million shares have already been traded in Friday’s session, compared to the stock’s 100-day average volume of less than 368,000 shares.

Last week, the company reported first-quarter GAAP losses of 15 cents per share which beat the analyst consensus estimate of losses of 17 cents. Quarterly sales came in at $383,471 which missed the analyst consensus estimate of $700,000 by 45.22%. 

Innovative Eyewear develops eyeglasses and sunglasses designed to allow customers to remain connected to their digital lives, while also offering prescription eye wear and sun protection. Its Lucyd Lyte glasses enable the wearer to listen to music, take and make calls, and use voice assistants to perform many common smartphone tasks hands-free.

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Will LUCY Stock Go Up?

When trying to assess whether or not Innovative Eyewear will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $1 on Innovative Eyewear.

In the last month, no analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Innovative Eyewear have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Innovative Eyewear is 55.13% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Innovative Eyewear, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

LUCY Price Action: According to Benzinga Pro, Innovative Eyewear shares are up 374% at 88 cents at the time of publication Friday.

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