B. Riley Issues Pessimistic Forecast for Audioeye (NASDAQ:AEYE) Stock Price

Key Points

• B. Riley has lowered its price target for Audioeye (NASDAQ:AEYE) from $20.00 to $19.00, indicating a potential upside of 70.86% from its previous closing price.
• Despite the downgrade, five analysts still maintain a "buy" rating for Audioeye, with an average price target of $25.25 among them.
• Institutional investors hold over 51% of Audioeye stock, with notable increases in ownership from firms like US Bancorp DE and CWM LLC in recent quarters.

Audioeye (NASDAQ:AEYE - Free Report) had its target price trimmed by B. Riley from $20.00 to $19.00 in a report published on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages also recently commented on AEYE. Wall Street Zen upgraded shares of Audioeye from a "hold" rating to a "buy" rating in a research report on Saturday, May 24th. HC Wainwright restated a "buy" rating and set a $22.00 price objective on shares of Audioeye in a research report on Wednesday, April 30th. Finally, Needham & Company LLC restated a "buy" rating and set a $25.00 price objective on shares of Audioeye in a research report on Wednesday, April 30th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $25.25.

Audioeye Stock Performance

AEYE stock traded down $1.56 on Friday, hitting $10.10. The company's stock had a trading volume of 500,396 shares, compared to its average volume of 115,822. The stock has a market cap of $125.85 million, a price-to-earnings ratio of -29.71, a price-to-earnings-growth ratio of 1.26 and a beta of 0.78. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.45. Audioeye has a 1 year low of $8.91 and a 1 year high of $34.85. The firm has a 50 day moving average of $12.12 and a two-hundred day moving average of $12.96.

Hedge Funds Weigh In On Audioeye

Institutional investors and hedge funds have recently made changes to their positions in the stock. Two Sigma Investments LP acquired a new position in shares of Audioeye during the 4th quarter worth $380,000. Raymond James Financial Inc. acquired a new position in shares of Audioeye during the 4th quarter worth $606,000. Millennium Management LLC grew its stake in shares of Audioeye by 17.4% during the 4th quarter. Millennium Management LLC now owns 42,288 shares of the company's stock worth $643,000 after purchasing an additional 6,278 shares during the period. Bank of America Corp DE grew its stake in shares of Audioeye by 314.5% during the 4th quarter. Bank of America Corp DE now owns 59,206 shares of the company's stock worth $901,000 after purchasing an additional 44,923 shares during the period. Finally, Hood River Capital Management LLC acquired a new stake in Audioeye in the 4th quarter valued at about $3,739,000. 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.