AudioEye (NASDAQ:AEYE) Coverage Initiated at Needham & Company LLC

Stock analysts at Needham & Company LLC initiated coverage on shares of AudioEye (NASDAQ:AEYE) in a note issued to investors on Tuesday,Benzinga reports. The firm set a “buy” rating and a $25.00 price target on the stock. Needham & Company LLC’s price target indicates a potential upside of 62.44% from the company’s previous close.

Several other analysts have also recently issued reports on AEYE. Roth Mkm reaffirmed a “buy” rating and set a $35.00 target price (up previously from $25.00) on shares of AudioEye in a research report on Friday, November 8th. HC Wainwright raised their price objective on AudioEye from $28.00 to $37.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $29.10.

AudioEye Price Performance

Shares of AEYE opened at $15.39 on Tuesday. The stock has a market capitalization of $187.42 million, a PE ratio of -57.00, a PEG ratio of 4.29 and a beta of 1.12. The company has a 50 day moving average price of $21.96 and a 200-day moving average price of $22.03. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.84 and a current ratio of 0.84. AudioEye has a fifty-two week low of $4.52 and a fifty-two week high of $34.85.

Insider Transactions at AudioEye

In other AudioEye news, insider Carr Bettis sold 225,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $24.00, for a total transaction of $5,400,000.00. Following the sale, the insider now owns 200,045 shares of the company’s stock, valued at approximately $4,801,080. The trade was a 52.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David Moradi sold 900,000 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $24.00, for a total transaction of $21,600,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,864,290 shares of the company’s stock, valued at approximately $44,742,960. This represents a 32.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,342,859 shares of company stock valued at $32,684,480 in the last quarter. 40.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AudioEye

Several hedge funds have recently made changes to their positions in AEYE. Franklin Resources Inc. purchased a new stake in AudioEye during the 3rd quarter valued at about $363,000. Barclays PLC boosted its position in AudioEye by 37.7% in the third quarter. Barclays PLC now owns 10,181 shares of the company’s stock valued at $233,000 after buying an additional 2,788 shares during the last quarter. Kovitz Investment Group Partners LLC purchased a new stake in AudioEye in the third quarter valued at approximately $263,000. Centiva Capital LP purchased a new position in AudioEye during the 3rd quarter worth approximately $286,000. Finally, Summit Partners Public Asset Management LLC raised its position in AudioEye by 24.5% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 515,279 shares of the company’s stock worth $11,774,000 after buying an additional 101,302 shares during the last quarter. 51.11% of the stock is owned by institutional investors and hedge funds.

About AudioEye

AudioEye, Inc provides patented, internet content publication, distribution software, and related services to Internet and other media to people regardless of their device, location, or disabilities in the United States. Its software and services enable conversion of digital content into accessible formats and allows for real time distribution to end users on any Internet connected device.