Akoustis Technologies (NASDAQ:AKTS) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Akoustis Technologies (NASDAQ:AKTSGet Rating) from a hold rating to a buy rating in a research report report published on Tuesday, Zacks.com reports. Zacks Investment Research currently has $4.00 price target on the technology company’s stock.

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

Separately, Piper Sandler reduced their price objective on Akoustis Technologies from $10.50 to $7.00 in a research note on Monday, May 2nd.

Shares of AKTS stock opened at $3.36 on Tuesday. The firm has a market capitalization of $188.04 million, a price-to-earnings ratio of -3.33 and a beta of 1.47. The business has a fifty day moving average of $5.20 and a 200 day moving average of $5.96. Akoustis Technologies has a 1 year low of $3.28 and a 1 year high of $11.50.

Akoustis Technologies (NASDAQ:AKTSGet Rating) last released its quarterly earnings data on Monday, May 2nd. The technology company reported ($0.22) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.22). The business had revenue of $4.60 million during the quarter, compared to analyst estimates of $4.61 million. Akoustis Technologies had a negative return on equity of 38.00% and a negative net margin of 430.10%. The company’s revenue was up 84.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.15) EPS. Equities analysts predict that Akoustis Technologies will post -0.88 earnings per share for the current year.

In other news, EVP David Aichele sold 5,000 shares of the firm’s stock in a transaction dated Friday, April 8th. The stock was sold at an average price of $5.93, for a total transaction of $29,650.00. Following the sale, the executive vice president now directly owns 191,810 shares in the company, valued at approximately $1,137,433.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.70% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the company. Benjamin F. Edwards & Company Inc. grew its position in shares of Akoustis Technologies by 37.8% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 274,984 shares of the technology company’s stock valued at $1,837,000 after acquiring an additional 75,420 shares during the period. UBS Group AG boosted its holdings in Akoustis Technologies by 8.3% in the 3rd quarter. UBS Group AG now owns 382,925 shares of the technology company’s stock worth $3,715,000 after buying an additional 29,434 shares during the last quarter. Delta Investment Management LLC boosted its holdings in Akoustis Technologies by 27.8% in the 4th quarter. Delta Investment Management LLC now owns 23,000 shares of the technology company’s stock worth $154,000 after buying an additional 5,000 shares during the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Akoustis Technologies by 12.2% in the 4th quarter. Oppenheimer & Co. Inc. now owns 138,325 shares of the technology company’s stock worth $924,000 after buying an additional 15,075 shares during the last quarter. Finally, Senvest Management LLC boosted its holdings in Akoustis Technologies by 8.9% in the 4th quarter. Senvest Management LLC now owns 1,096,716 shares of the technology company’s stock worth $7,326,000 after buying an additional 89,853 shares during the last quarter. Hedge funds and other institutional investors own 50.16% 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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