Formula Growth Ltd. Acquires Shares of 130,000 AudioEye, Inc. (NASDAQ:AEYE)

Formula Growth Ltd. purchased a new stake in AudioEye, Inc. (NASDAQ:AEYE - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 130,000 shares of the company's stock, valued at approximately $1,977,000. Formula Growth Ltd. owned about 1.07% of AudioEye as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AEYE. R Squared Ltd acquired a new stake in AudioEye during the fourth quarter worth about $36,000. Wells Fargo & Company MN grew its stake in shares of AudioEye by 30.0% during the 4th quarter. Wells Fargo & Company MN now owns 4,485 shares of the company's stock worth $68,000 after purchasing an additional 1,035 shares during the period. Ieq Capital LLC purchased a new position in shares of AudioEye during the 4th quarter valued at approximately $153,000. Barclays PLC lifted its stake in shares of AudioEye by 10.9% in the 4th quarter. Barclays PLC now owns 11,292 shares of the company's stock valued at $172,000 after purchasing an additional 1,111 shares during the period. Finally, Integrated Quantitative Investments LLC purchased a new stake in AudioEye during the fourth quarter worth $188,000. 51.11% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AudioEye

In other news, Director James B. Hawkins purchased 13,300 shares of the company's stock in a transaction that occurred on Wednesday, March 19th. The stock was purchased at an average cost of $15.39 per share, for a total transaction of $204,687.00. Following the completion of the transaction, the director now owns 114,382 shares of the company's stock, valued at $1,760,338.98. This trade represents a 13.16 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 40.70% of the company's stock.

AudioEye Price Performance

Shares of AEYE traded up $0.45 during mid-day trading on Thursday, hitting $11.94. 26,485 shares of the company were exchanged, compared to its average volume of 167,995. 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, Inc. has a 1-year low of $8.91 and a 1-year high of $34.85. The stock has a market cap of $148.38 million, a price-to-earnings ratio of -44.22, a price-to-earnings-growth ratio of 2.03 and a beta of 1.39. The company has a 50 day moving average of $12.18 and a 200-day moving average of $17.91.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $25.00 price objective on shares of AudioEye in a report on Wednesday, April 2nd. HC Wainwright cut their price target on AudioEye from $37.00 to $22.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. Finally, B. Riley lowered their price target on AudioEye from $26.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $26.40.

AudioEye 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.