Oppenheimer Comments on Akoustis Technologies, Inc.’s FY2024 Earnings (NASDAQ:AKTS)

Akoustis Technologies, Inc. (NASDAQ:AKTSGet Rating) – Research analysts at Oppenheimer reduced their FY2024 earnings per share estimates for shares of Akoustis Technologies in a report released on Monday, May 2nd. Oppenheimer analyst R. Schafer now anticipates that the technology company will post earnings per share of $0.36 for the year, down from their prior forecast of $0.37.

Akoustis Technologies (NASDAQ:AKTSGet Rating) last posted its quarterly earnings results on Monday, May 2nd. The technology company reported ($0.22) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.22). The firm had revenue of $4.60 million during the quarter, compared to analysts’ expectations of $4.61 million. Akoustis Technologies had a negative net margin of 473.95% and a negative return on equity of 33.74%. The firm’s revenue for the quarter was up 84.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.15) earnings per share.

Other research analysts have also recently issued reports about the stock. Piper Sandler cut their price target on shares of Akoustis Technologies from $10.50 to $7.00 in a report on Monday. Zacks Investment Research cut shares of Akoustis Technologies from a “buy” rating to a “hold” rating in a report on Thursday, February 3rd.

NASDAQ AKTS opened at $4.51 on Wednesday. Akoustis Technologies has a 52-week low of $4.22 and a 52-week high of $11.50. The firm has a 50-day moving average price of $5.81 and a 200 day moving average price of $6.34.

Several hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. grew its holdings in Akoustis Technologies by 14.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 11,942 shares of the technology company’s stock valued at $115,000 after purchasing an additional 1,534 shares in the last quarter. Royal Bank of Canada raised its position in shares of Akoustis Technologies by 7.1% during the 3rd quarter. Royal Bank of Canada now owns 30,940 shares of the technology company’s stock worth $300,000 after buying an additional 2,058 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of Akoustis Technologies by 15.2% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 18,286 shares of the technology company’s stock worth $177,000 after buying an additional 2,416 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in shares of Akoustis Technologies by 2.1% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 123,250 shares of the technology company’s stock worth $1,196,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Advisor Group Holdings Inc. raised its holdings in shares of Akoustis Technologies by 21.6% in the 4th quarter. Advisor Group Holdings Inc. now owns 15,710 shares of the technology company’s stock worth $106,000 after purchasing an additional 2,790 shares in the last quarter. 50.16% of the stock is currently owned by institutional investors and hedge funds.

In other Akoustis Technologies news, Director James Michael Mcguire purchased 17,800 shares of the stock in a transaction dated Monday, February 7th. The shares were acquired at an average cost of $5.62 per share, for a total transaction of $100,036.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David Aichele sold 5,000 shares of the stock in a transaction that occurred on Friday, April 8th. The shares were sold at an average price of $5.93, for a total transaction of $29,650.00. Following the completion of the sale, the executive vice president now owns 191,810 shares in the company, valued at $1,137,433.30. The disclosure for this sale can be found here. Corporate insiders own 5.70% of the company’s stock.

Akoustis Technologies Company Profile (Get Rating)

Akoustis Technologies, Inc, through its subsidiary, Akoustis, Inc, develops, designs, manufactures, and sells radio frequency (RF) filter products for the mobile wireless device industry in the United States. It operates through two segments, Foundry Fabrication Services and RF Filters. The Foundry Fabrication Services segment provides engineering review services; and semiconductor wafer-manufacturing and microelectromechanical systems foundry services.

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Earnings History and Estimates for Akoustis Technologies (NASDAQ:AKTS)

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