AudioEye, Inc. (NASDAQ:AEYE) Sees Significant Decline in Short Interest

AudioEye, Inc. (NASDAQ:AEYE) was the target of a large drop in short interest in October. As of October 31st, there was short interest totalling 747,700 shares, a drop of 8.4% from the October 15th total of 816,700 shares. Approximately 11.9% of the company’s stock are sold short. Based on an average daily volume of 148,500 shares, the short-interest ratio is presently 5.0 days.

Insiders Place Their Bets

In other news, CEO David Moradi sold 14,061 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $26.14, for a total transaction of $367,554.54. Following the transaction, the chief executive officer now directly owns 2,764,290 shares of the company’s stock, valued at $72,258,540.60. This represents a 0.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Kelly Georgevich sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $29.00, for a total value of $290,000.00. Following the completion of the transaction, the chief financial officer now directly owns 88,981 shares in the company, valued at $2,580,449. The trade was a 10.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 92,859 shares of company stock valued at $2,684,480. Corporate insiders own 40.70% of the company’s stock.

Institutional Trading of AudioEye

Hedge funds have recently bought and sold shares of the stock. Summit Partners Public Asset Management LLC lifted its position in shares of AudioEye by 24.5% during the third quarter. Summit Partners Public Asset Management LLC now owns 515,279 shares of the company’s stock valued at $11,774,000 after buying an additional 101,302 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of AudioEye by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 309,190 shares of the company’s stock worth $3,095,000 after acquiring an additional 6,929 shares in the last quarter. Renaissance Technologies LLC lifted its position in AudioEye by 202.5% during the second quarter. Renaissance Technologies LLC now owns 60,500 shares of the company’s stock valued at $1,065,000 after acquiring an additional 40,500 shares during the last quarter. ClariVest Asset Management LLC acquired a new stake in AudioEye in the second quarter valued at approximately $664,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in AudioEye by 58.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 36,824 shares of the company’s stock worth $841,000 after purchasing an additional 13,556 shares during the last quarter. Hedge funds and other institutional investors own 51.11% of the company’s stock.

AudioEye Trading Down 2.5 %

NASDAQ AEYE opened at $25.51 on Friday. The stock has a market cap of $310.71 million, a PE ratio of -94.48, a PEG ratio of 7.05 and a beta of 1.03. AudioEye has a 12 month low of $3.97 and a 12 month high of $34.85. The company’s 50-day moving average price is $23.71 and its 200-day moving average price is $22.11. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.92.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AEYE. HC Wainwright boosted 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. Craig Hallum boosted their price target on AudioEye from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Finally, Roth Mkm restated a “buy” rating and issued a $35.00 price target (up from $25.00) on shares of AudioEye in a research note on Friday, November 8th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $30.13.

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.