Audioeye Inc AEYE shares are trading lower by 27.8% at $9.47 Thursday afternoon after the company reported worse-than-expected second-quarter sales results and issued third-quarter sales guidance below estimates.
AudioEye reported quarterly losses of 17 cents per share which beat the analyst consensus estimate of a loss of 29 cents per share. AudioEye also reported quarterly sales of $6.02 million which missed the analyst consensus estimate of $6.13 million.
AudioEye Interim CEO David Moradi said, “In the second quarter we resumed sequential growth in MRR and maintained margins in the mid-70%s. We are continuing to see sequential growth in MRR across all recurring revenue lines and expect revenue to be in the range of $6.1M to $6.3M for the third quarter of 2021.”
“Over the past two quarters we have invested heavily in our platform and in our people. We continue to lead the market with the most robust and transparent solution that couples advanced artificial intelligence and human assisted technology by certified remediation and subject matter experts. We are in the early innings of digital accessibility and are well positioned to capitalize on future growth,” Moradi stated.
HC Wainwright & Co. analyst Scott Buck maintained AudioEye with a Buy and lowered the price target from $28 to $20.
Maxim Group analyst Allen Klee downgraded AudioEye from Buy to Hold.
AudioEye has a 52-week high of $44.37 and a new 52-week low of $9.02.
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