David Moradi, the Chief Executive Officer of AudioEye Inc. (NASDAQ:AEYE), recently sold 900,000 shares of the company's common stock, generating a total of $21.6 million. The shares were sold at a price of $24 each on December 4, 2024. The transaction comes amid an impressive year for AudioEye, with the stock delivering a 360% return over the past year, according to InvestingPro data. Following this transaction, Moradi holds 1,864,290 shares indirectly through Sero Capital LLC, where he is the Managing Partner. This sale was part of a secondary offering managed by Needham & Company, LLC, acting as the representative of the underwriters.
In other recent news, AudioEye, Inc. has reported robust financial growth in its third quarter of 2024 earnings call. The company experienced a 21% annualized increase in revenue, reaching $8.93 million, and a year-over-year increase of 14%. An impressive adjusted EBITDA of $2 million, a 23% margin, was also reported. The company has adjusted its revenue projections for Q4 2024 to between $9.7 million and $9.8 million and raised its full-year guidance to $35.2 million to $35.3 million.
In addition to its strong financial performance, AudioEye has announced a secondary offering of its common stock, to be sold by certain stockholders. The offering is being led by Needham & Company as the sole book-runner, with Roth Capital Partners (WA:CPAP) acting as the lead manager. The proceeds from this offering will go directly to the selling stockholders, with AudioEye not selling any shares nor receiving any financial benefit from this offering.
H.C. Wainwright maintained a Buy rating on AudioEye shares and upgraded the price target to $37.00 from $28.00, following the company's strong financial performance. The analyst at H.C. Wainwright noted AudioEye's high gross margin of approximately 80% and potential for further growth. These are recent developments in the company's trajectory.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.