Zacks Investment Research upgrades Akoustis Technologies (NASDAQ:AKTS) to “buy”

Akoustis Technologies (NASDAQ:AKTS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note released on Monday, Zacks.com reports. The brokerage currently has a target price of $7.00 on shares of the technology company. Zacks Investment Research’s target price would indicate a potential upside of 18.85% from the company’s previous close.

According to Zacks, “Akostis Technologies, Inc. is a semiconductor designer and manufacturer of resonators and radio frequency filters that facilitate signal acquisition and accelerate band performance between the antenna and the back-end of devices. The company’s patent-pending Bulk ONE(TM) produces single-crystal piezoelectric bulk acoustic wave filters. Akoustis Technologies, Inc. is headquartered in Huntersville, North Carolina.”

Separately, Oppenheimer lowered his price target on Akoustis Technologies shares from $18.00 to $13.00 and set an “outperform” rating on the stock in a Tuesday, November 2 report. Five research analysts rated the stock with a buy rating. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $14.00.

NASDAQ: AKTS traded down $0.38 during Monday trading hours, hitting $5.89. 824,110 shares of shares traded in hands, compared to its average volume of 560,610. Akoustis Technologies has a 1-year low of $5.70 and a 1-year high of $19.15. The company has a market capitalization of $306.55 million, a price-earnings ratio of -6.07 and a beta of 1.28. The stock has a 50-day moving average price of $6.89 and a 200-day moving average price of $8.39.

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Akoustis Technologies Inc (NASDAQ:AKTS) last released its quarterly results on Sunday, October 31. The tech company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.05). Akoustis Technologies posted a negative net margin of 573.95% and a negative return on equity of 36.49%. The company posted revenue of $1.87 million for the quarter, compared to $1.97 million for analysts. During the same period of the previous year, the company achieved EPS of ($0.23). Akoustis Technologies’ revenue for the quarter increased by 192.2% compared to the same quarter last year. As a group, research analysts expect Akoustis Technologies to post -0.83 earnings per share for the current year.

Separately, director Suzanne B. Rudy sold 12,731 shares of the company in a trade on Tuesday, November 9. The shares were sold at an average price of $8.11, for a total transaction of $103,248.41. The transaction was disclosed in a document filed with the SEC, accessible via this hyperlink. Additionally, director Arthur Geiss sold 10,000 shares of the company in a trade on Friday, October 29. The shares were sold at an average price of $7.47, for a total transaction of $74,700.00. The disclosure of this sale can be found here. Insiders have sold 49,989 shares of the company worth $359,627 over the past three months. Insiders hold 5.70% of the shares of the company.

A number of institutional investors have recently increased or reduced their stake in the stock. Envestnet Asset Management Inc. increased its position in Akoustis Technologies by 9.2% during the second quarter. Envestnet Asset Management Inc. now owns 18,125 shares of the technology company valued at $194,000 after acquiring 1,533 additional shares in the last quarter. PNC Financial Services Group Inc. increased its position in Akoustis Technologies by 14.7% during the third quarter. PNC Financial Services Group Inc. now owns 11,942 shares of the technology company valued at $115,000 after acquiring 1,534 additional shares in the last quarter. Royal Bank of Canada increased its position in Akoustis Technologies by 7.1% during the third quarter. Royal Bank of Canada now owns 30,940 shares of the tech company valued at $300,000 after acquiring 2,058 more shares in the last quarter. Hayden Royal LLC increased its position in Akoustis Technologies by 15.2% during the second quarter. Hayden Royal LLC now owns 16,252 shares of the technology company valued at $174,000 after acquiring 2,142 additional shares in the last quarter. Finally, Taylor Wealth Management Partners increased its position in Akoustis Technologies by 2.1% during the second quarter. Taylor Wealth Management Partners now owns 105,896 shares of the technology company valued at $1,134,000 after acquiring 2,185 additional shares in the last quarter. 50.21% of the shares are currently held by institutional investors.

About Akoustis Technologies

Akoustis Technologies, Inc is a filter solutions company, which is engaged in the development, design and manufacture of radio frequency (RF) filter products. It operates through foundry manufacturing services; and the RF Filters segments. The Foundry Manufacturing Services segment includes technical review services and STC-MEMS foundry services.

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