AudioEye (NASDAQ: NASDAQ:) Price Target Raised to $28.00: H.C. Wainwright Bullish on Acquisition of ADA Site Compliance
H.C. Wainwright has increased its price target for AudioEye (NASDAQ: NASDAQ:) to $28.00, maintaining a Buy rating after the company's acquisition of ADA Site Compliance. The purchase, valued at $6.4 million, is expected to boost AudioEye's annual revenue by $2.0 million to $3.0 million. This move could lead to significant revenue growth in 2025 and beyond, offering a more favorable valuation for the company.
AudioEye has also revised its financial guidance for 2024, raising revenue projections to between $35.15 million and $35.25 million. The company's recent financial results show a 19% increase in revenues year-on-year, with adjusted EBITDA reaching around $1.5 million.
InvestingPro Insights reveal that AudioEye's market cap stands at $271.44 million, reflecting investor confidence in its growth potential. The company's impressive gross profit margins and revenue growth indicate a positive outlook for continued success. Analysts predict profitability for the company this year, aligning with the improved adjusted EBITDA guidance.
Overall, AudioEye's acquisition and financial performance point towards a promising future for the company, with potential for further growth and profitability. Investors can benefit from understanding the company's market position and financial health through InvestingPro's comprehensive analysis and tips.