B.Riley FBR Thinks AudioEye Inc’s Stock is Going to Recover

In a report released today, Zach Cummins from B.Riley FBR maintained a Buy rating on AudioEye Inc (AEYE), with a price target of $13. The company’s shares closed on Friday at $6.14, close to its 52-week low of $5.30.

Cummins noted:

“Buy-rated AudioEye (AEYE) reports 2Q19 results after the market close on Wednesday, 8/14, and will host its earnings call at 4:30PM ET (Dial in: 877.407.9208). We anticipate 2Q results will be consistent with our model, which is modestly lower than the Street. We expect revenue and cash contract bookings will increase on a sequential and Y/Y basis, largely driven by improving performance from indirect channel partners. Aside from the results, we anticipate positive commentary for both the direct and indirect channels as we believe AEYE remains well positioned to capture the growing demand in the digital accessibility market. Turning to guidance, after a slower start to the year, the full-year guidance implies that a bigger portion of the full-year revenue and cash contract bookings will now occur in 4Q19.”

According to TipRanks.com, Cummins is ranked 0 out of 5 stars with an average return of -12.0% and a 31.8% success rate. Cummins covers the Technology sector, focusing on stocks such as ServiceSource International Inc, American Software, and ChannelAdvisor.

AudioEye Inc has an analyst consensus of Moderate Buy, with a price target consensus of $12.75.

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Based on AudioEye Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $2.14 million. In comparison, last year the company had a GAAP net loss of $1.09 million.

Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AEYE in relation to earlier this year.

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AudioEye, Inc. provides digital accessibility technology solutions. It develops patented, Internet content publication and distribution software, enabling the conversion of any media into an accessible format and allowing for real-time distribution to end-users on any Internet connected device.

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