Tekcapital’s Innovative Eyewear (NASDAQ:LUCY) jumped to the top of the US volume leaderboard again at the end of last week as a flurry of buying activity in the smart eyewear stole traders’ attention.
The company did not release any new news last week, suggesting that the move was a snowball effect sparked by a tick-up in buying activity, drawing more investors into the stock.
Innovative Eyewear shares are no stranger to sharp inclines in volume. After news of the launch of its ChatGPT-enabled Eddie Bauer range, the stock rallied over 400% in just one day.
On Friday last week, LUCY shares surged to the top of the US volume leaderboard, trading 364m shares, considerably more than Nvidia, which traded 315m shares in second place.
Despite Innovative Eyewear not releasing any fresh news last week, the company has announced a flurry of developments so far in 2024. The combination of revenue growth, new products, and technological advancements represents a step change in the smart eyewear company’s trajectory and put the stocks at the top of many trader’s watchlists.
The company recorded higher revenue in Q4 2023 than in the preceding three quarter combined and the momentum continued into 2024 with Q1 revenue rising compared to the same period a year ago.
Investors will be looking forward to learning about the impact of the launches of Eddie Bauer and Nautica smart eyewear powered by Lucyd in upcoming earnings releases.
Innovative Eyewear will launch Reebok smart eyewear later this year. If the activity in LUCY shares around the launch of Eddie Bauer and Nautica can be used as a playbook for the market reaction around new product releases, the Reebok launch promises fireworks.
While the stock is becoming a day trader’s dream, the long-term fundamentals have improved substantially, and those in for the long haul will look forward to future earnings releases.