Resonant (NASDAQ:RESN) Upgraded at Zacks Investment Research

Resonant (NASDAQ:RESN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Resonant Inc. is a development-stage company. It creates filter designs for radio frequency front-ends for the mobile device industry. The Company’s product configures resonators, the building blocks of RF filters to select desired radio frequency signals and reject unwanted signals. Resonant Inc. is based in Santa Barbara, California. “

RESN has been the subject of several other reports. HC Wainwright dropped their target price on Resonant from $8.00 to $4.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Needham & Company LLC set a $5.00 target price on Resonant and gave the company a “buy” rating in a report on Wednesday, August 7th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Resonant has an average rating of “Buy” and an average price target of $5.60.



Shares of RESN traded down $0.01 during trading hours on Wednesday, hitting $3.23. 3,700 shares of the stock were exchanged, compared to its average volume of 218,179. The company has a debt-to-equity ratio of 0.20, a quick ratio of 3.11 and a current ratio of 3.11. The stock’s 50-day moving average price is $3.09 and its two-hundred day moving average price is $2.77. The company has a market cap of $90.95 million, a price-to-earnings ratio of -3.33 and a beta of 2.28. Resonant has a 12-month low of $0.92 and a 12-month high of $4.00.

Resonant (NASDAQ:RESN) last issued its earnings results on Thursday, August 8th. The semiconductor company reported ($0.27) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($0.09). The company had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $0.50 million. Resonant had a negative net margin of 6,314.32% and a negative return on equity of 137.94%. On average, research analysts expect that Resonant will post -0.83 earnings per share for the current year.

In related news, Director Michael J. Fox bought 396,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was bought at an average cost of $2.53 per share, for a total transaction of $1,001,880.00. Following the acquisition, the director now directly owns 62,925 shares in the company, valued at $159,200.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders sold 13,747 shares of company stock valued at $38,373. 26.60% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Private Advisor Group LLC grew its holdings in shares of Resonant by 34.8% during the 2nd quarter. Private Advisor Group LLC now owns 19,985 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 5,156 shares during the period. Westside Investment Management Inc. acquired a new position in Resonant during the 2nd quarter worth about $199,000. Sigma Planning Corp lifted its stake in Resonant by 42.4% during the 2nd quarter. Sigma Planning Corp now owns 248,250 shares of the semiconductor company’s stock worth $591,000 after acquiring an additional 73,900 shares in the last quarter. BlackRock Inc. lifted its stake in Resonant by 441.1% during the 2nd quarter. BlackRock Inc. now owns 354,507 shares of the semiconductor company’s stock worth $843,000 after acquiring an additional 288,991 shares in the last quarter. Finally, Morgan Stanley lifted its stake in Resonant by 142.2% during the 2nd quarter. Morgan Stanley now owns 502,029 shares of the semiconductor company’s stock worth $1,194,000 after acquiring an additional 294,717 shares in the last quarter. Institutional investors and hedge funds own 10.72% of the company’s stock.

About Resonant

Resonant Inc, a late-stage development company, designs and develops filter designs for radio frequency (RF) front-ends used in the mobile device industry in the United States. It uses Infinite Synthesized Networks technology, a software platform that is used to configure and connect resonators, the building blocks of RF filters.

Read More: What is Put Option Volume?

Get a free copy of the Zacks research report on Resonant (RESN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Resonant (NASDAQ:RESN)

Receive News & Ratings for Resonant Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Resonant and related companies with MarketBeat.com's FREE daily email newsletter.