Innovative Eyewear stock soars 500%: explore why
- Innovative Eyewear stock surpassed $1.0 on Friday.
- There hasn't been news that could have catalysed that rally.
- $LUCY missed revenue estimates in its fiscal first quarter.
Innovative Eyewear Inc (NASDAQ: LUCY) is up nearly 500% at writing even though there hasn’t been any particular news to catalyse that kind of a rally in shares of the smart glasses company.
Innovative Eyewear stock trading volume is up massively
Copy link to section$LUCY did not post a press release or file with the Securities and Exchange Commission of the United States on Friday. None of the Wall Street analysts issued a bullish note in its favour either.
Still, more than 85 million shares of the Florida based company have exchanged hands today as of writing. The daily trading volume is up sharply from close to $0.4 million only on average.
The massive rally in Innovative Eyewear stock materialises only days after its management reported a less than expected per-share loss for the fiscal first quarter.
$LUCY came in shy of revenue estimates in its fiscal Q1
Copy link to sectionA sharp increase in Innovative Eyewear this morning may be related to it being a penny stock that opens it up to manipulation by certain types of traders.
Note that $LUCY reported $383,471 in revenue for its Q1 last week – significantly weaker than $700,000 that analysts had forecast. So, today’s rally is not backed by fundamentals per se.
It may be wise, therefore, to remain cautious on Innovative Eyewear stock as it could relinquish Friday’s gain just as easily in the coming days.
Management of the $17 million company, however, is bullish as it sees “additional revenue generating opportunities in 2024”.
