Shares of Inuvo Inc (NYSEAMERICAN:INUV) were up 9.5% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $0.26 and last traded at $0.23, approximately 358,600 shares changed hands during mid-day trading. An increase of 32% from the average daily volume of 271,759 shares. The stock had previously closed at $0.21.
The technology company reported ($0.06) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.07. The business had revenue of $14.05 million during the quarter, compared to analyst estimates of $13.30 million.
Separately, Zacks Investment Research raised shares of Inuvo from a “sell” rating to a “hold” rating in a research report on Tuesday.
In other Inuvo news, Director Charles D. Morgan purchased 1,650,000 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was purchased at an average price of $0.30 per share, with a total value of $495,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new stake in shares of Inuvo during the fourth quarter worth approximately $42,000. Vanguard Group Inc. increased its holdings in shares of Inuvo by 8.0% during the second quarter. Vanguard Group Inc. now owns 626,882 shares of the technology company’s stock worth $264,000 after buying an additional 46,199 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Inuvo by 10.0% during the second quarter. Renaissance Technologies LLC now owns 1,885,189 shares of the technology company’s stock worth $792,000 after buying an additional 171,999 shares in the last quarter. Finally, Perkins Capital Management Inc. increased its holdings in shares of Inuvo by 1.7% during the first quarter. Perkins Capital Management Inc. now owns 652,527 shares of the technology company’s stock worth $809,000 after buying an additional 11,082 shares in the last quarter.
Inuvo Company Profile (NYSEAMERICAN:INUV)
Inuvo, Inc, together with its subsidiaries, a technology company, provides data-driven platforms that automatically identify and message online audiences across video, mobile, connected TV, display, and social and native devices, channels, and formats in the United States. The company's digital marketplace allows advertisers and publishers the opportunity to buy and sell advertising space in real time.
Featured Story: How can you know how many shares are floating?
Receive News & Ratings for Inuvo Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Inuvo and related companies with MarketBeat.com's FREE daily email newsletter.