Shares of Innovative Eyewear, Inc. (NASDAQ:LUCY) are falling Friday despite the eyeglasses company reporting positive preliminary, unaudited results for the fourth quarter and full year earlier in the week.
Strong Sales Growth Since Last Year
Innovative Eyewear reported quarterly sales of approximately $1 million, which would be a 45% increase year-over-year. The company estimated preliminary full-year sales of $2.7 million, which would be around a 65% increase, also year-over-year.
Innovative Eyewear said that it holds 44% market share on smart safety glasses on Amazon, and that in the coming year, it would be digging more into this market. It has recently struck deals with retailers such as Reebok and SmartBuyGlasses.
However, the company’s leadership said that they believe the company’s stock is undervalued. The CEO, CFO, CTO and other C-suite leadership are purchasing additional shares of the company as a vote of confidence in its performance.
Stock Drops Early Friday
Price Action: Shares were down 8.67% at $1.58 at the time of publication, according to Benzinga Pro.
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