Why Is Innovative Eyewear (LUCY) Stock Up 30% Today?

  • Innovative Eyewear (LUCY) stock is trending after the company announced an upgrade to its Lucyd Lyte audio eyewear platform.
  • The new Lucyd Lyte 2.0 line includes a number of new features.
  • LUCY stock traders responded to the announcement with a buying spree today.
LUCY stock - Why Is Innovative Eyewear (LUCY) Stock Up 30% Today?

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Today is a day of celebration for investors of Innovative Eyewear (NASDAQ:LUCY). That’s because the company just announced a “major upgrade” to its Lucyd Lyte audio eyewear platform. Clearly, financial traders are pleased with the introduction of the new Lucyd Lyte 2.0 line, as LUCY stock sailed higher on heavy volume this morning.

Hailing from Florida, Innovative Eyewear is a relatively small company with a market capitalization of around $27 million to $28 million. Therefore, any announcement from the company could significantly move the Innovative Eyewear share price.

That’s happening today because Innovative Eyewear, a developer and retailer of smart eyewear, is adding new features to its flagship product line. The Lucyd Lyte 2.0 is Innovative Eyewear’s line of next-generation audio-enhanced smart glasses. It’s currently available on Innovative Eyewear’s website.

Apparently, this was a long time in the making. Innovative Eyewear claims that Lyte 2.0 “marks the culmination of years of” research and development. So, how is the market reacting to Innovative Eyewear’s announcement of the Lucyd Lyte 2.0?

What’s Happening With LUCY Stock?

The immediate response has been overwhelmingly positive. Traders bid LUCY stock up 30% this morning after learning about the new features of Innovative Eyewear’s core product line.

You might be amazed to discover what smart glasses can do nowadays. In particular, the Lucyd Lyte 2.0 provides “immersive open-ear audio” with a four-speaker array. Also, it features dual noise-canceling microphones, as well as Bluetooth 5.2 functionality for “improved connection stability.”

On top of all that, the Lucyd Lyte 2.0 features improved battery life and touch controls that “give an audible signal whenever the user adjusts volume or uses the other button functions, such as activating the voice assistant.” In other words, these are among the smartest smart glasses available now.

As the company’s name implies, Innovative Eyewear is dedicated to advancing innovative products in the smart eyewear category. LUCY stock investors are betting on Innovative Eyewear’s new and improved product offerings, and they’re enthusiastically hoarding shares today.

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On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

David Moadel has provided compelling content – and crossed the occasional line – on behalf of Motley Fool, Crush the Street, Market Realist, TalkMarkets, TipRanks, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.

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