Needham & Company LLC Initiates Coverage on AudioEye (NASDAQ:AEYE)

Research analysts at Needham & Company LLC started coverage on shares of AudioEye (NASDAQ:AEYE - Get Free Report) in a research report issued on Tuesday, Marketbeat reports. The firm set a "buy" rating and a $25.00 price target on the stock. Needham & Company LLC's price objective points to a potential upside of 60.98% from the stock's previous close.

Other equities research analysts have also recently issued research reports about the company. 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 note on Friday, November 8th. HC Wainwright lifted their price objective on shares of AudioEye from $28.00 to $37.00 and gave the company a "buy" rating in a research note on Monday, November 11th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $29.10.

AudioEye Trading Up 0.9 %

AudioEye stock traded up $0.14 during trading hours on Tuesday, reaching $15.53. 280,383 shares of the company's stock were exchanged, compared to its average volume of 204,171. The firm has a market capitalization of $189.12 million, a PE ratio of -57.52, a PEG ratio of 4.29 and a beta of 1.12. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.92. The firm's 50 day simple moving average is $21.82 and its 200 day simple moving average is $22.01. AudioEye has a twelve month low of $4.52 and a twelve month high of $34.85.

Insider Activity at AudioEye

In other AudioEye news, CEO David Moradi sold 68,298 shares of AudioEye stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $29.48, for a total transaction of $2,013,425.04. Following the completion of the sale, the chief executive officer now directly owns 2,830,035 shares in the company, valued at $83,429,431.80. The trade was a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jamil A. Tahir sold 125,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $24.00, for a total transaction of $3,000,000.00. Following the completion of the transaction, the director now directly owns 195,000 shares in the company, valued at $4,680,000. The trade was a 39.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,342,859 shares of company stock valued at $32,684,480. Corporate insiders own 40.70% of the company's stock.

Institutional Investors Weigh In On AudioEye

Several hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new position in AudioEye in the 2nd quarter worth approximately $348,000. Rhumbline Advisers purchased a new position in shares of AudioEye in the second quarter worth $147,000. Acadian Asset Management LLC raised its holdings in AudioEye by 130.6% during the 2nd quarter. Acadian Asset Management LLC now owns 26,939 shares of the company's stock valued at $473,000 after buying an additional 15,256 shares during the last quarter. ClariVest Asset Management LLC purchased a new stake in AudioEye during the 2nd quarter valued at $664,000. Finally, Total Clarity Wealth Management Inc. bought a new stake in AudioEye in the 2nd quarter worth $221,000. Institutional investors own 51.11% of the company's stock.

AudioEye Company Profile

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.