smleite
Well, he is an old man; he wouldn’t be able to hold the lantern before his eyes for a long time. Maybe he is lifting it for a moment, because he intuited the presence of something he wants to examine better.
ihcoyc said:It's not a squirrel --- it's an Intergalactic Giant Space Hamster!
I think it was originally meant to represent an hourglass, since the Hermit is a figure who represents Time.
On the other hand, he may also represent Diogenes of Sinope, who carried his lantern in daylight while he sought for a truly honest man. Carrying the lantern that way in daylight doesn't have the disadvantages of dazzling you.