Zacks Investment Research Lowers AudioEye (NASDAQ:AEYE) to Sell

AudioEye (NASDAQ:AEYE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “AudioEye Inc. engages in creating cloud-based cross-platform/cross-browser screen reader solution for web browsing. It focuses on creating voice driven technologies to enhance the mobility, usability, and accessibility of the Internet based content in the United States. The company develops patented, Internet content publication, and distribution software that enables conversion of any media into accessible formats, as well as allows for real time distribution on any Internet connected device. It offers Audio Internet (R), a software as a service technology platform to Internet and mobile publishers, developers, owners, and operators. AudioEye Inc. is based in Tucson, Arizona. “

Several other equities analysts also recently commented on the stock. Maxim Group lowered their target price on shares of AudioEye from $44.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, May 14th. HC Wainwright assumed coverage on shares of AudioEye in a research note on Monday, June 7th. They issued a “buy” rating and a $28.00 target price on the stock.

Shares of AEYE traded down $0.41 during mid-day trading on Thursday, reaching $14.49. The stock had a trading volume of 958 shares, compared to its average volume of 61,617. The firm has a market capitalization of $157.94 million, a price-to-earnings ratio of -17.05 and a beta of 2.15. AudioEye has a 12 month low of $11.25 and a 12 month high of $44.37. The business’s fifty day moving average price is $17.15. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.13 and a current ratio of 3.13.

AudioEye (NASDAQ:AEYE) last posted its quarterly earnings results on Wednesday, May 12th. The company reported ($0.26) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.26). The business had revenue of $5.79 million during the quarter, compared to analyst estimates of $6.00 million. AudioEye had a negative net margin of 37.54% and a negative return on equity of 86.08%. As a group, equities analysts anticipate that AudioEye will post -0.88 earnings per share for the current fiscal year.

In other news, insider Carr Bettis sold 10,000 shares of the company’s stock in a transaction dated Thursday, July 8th. The shares were sold at an average price of $15.97, for a total value of $159,700.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 40,000 shares of company stock worth $653,300. Company insiders own 45.10% of the company’s stock.

A number of institutional investors have recently modified their holdings of AEYE. Dorsey Wright & Associates bought a new stake in shares of AudioEye in the 1st quarter valued at about $39,000. Banco Bilbao Vizcaya Argentaria S.A. purchased a new position in shares of AudioEye in the 1st quarter valued at approximately $137,000. Citigroup Inc. purchased a new position in shares of AudioEye in the 4th quarter valued at approximately $141,000. Barclays PLC purchased a new position in shares of AudioEye in the 1st quarter valued at approximately $169,000. Finally, UBS Group AG raised its position in shares of AudioEye by 1,486.9% in the 1st quarter. UBS Group AG now owns 7,268 shares of the company’s stock valued at $203,000 after purchasing an additional 6,810 shares during the last quarter. Institutional investors own 15.66% of the company’s stock.

About AudioEye

AudioEye, Inc provides software solutions to Internet, print, broadcast, and other media to people regardless of their network connection, device, location, or disabilities in the United States. The company provides patented Internet content publication and distribution software that enables conversion of media into accessible formats, as well as allows for real time distribution on various Internet connected devices.

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