AudioEye shares hit over 1-yr low on rev miss, delay in client conversions

AudioEye

12/08/2021 19:07

** Shares of digital accessibility solutions provider
 AEYE.O  drop as much as 31.3% to its lowest in over a year at
$9.01 
    ** AEYE on Wednesday said partnerships and large scale
client conversions that were anticipated to drive reaccelerating
rev growth in second half of the year did not ramp up as fast as
co initially expected  urn:newsml:reuters.com:*:nASA02IMF
    ** Co to provide quarterly guidance instead of annual going
forward as initiatives no longer track co's calendar year plan 
    ** Co posts Q2 rev of $6 mln vs estimates of $6.1 mln,
according to Refinitiv IBES data
    ** AEYE forecasts Q3 revenue between $6.1 mln to $6.3 mln
    ** H.C. Wainwright cuts price target to $20 from $28
    ** Stock has fallen 62.67% YTD

 (Reporting by Reshma Rockie George)
 ((Reshma.George@thomsonreuters.com))