Akoustis Technologies (NASDAQ:AKTS) Stock Rating Lowered by Zacks Investment Research

Akoustis Technologies (NASDAQ:AKTS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday, Zacks.com reports.

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, Oppenheimer began coverage on shares of Akoustis Technologies in a research report on Monday, May 4th. They set a “buy” rating and a $10.00 target price for the company. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $9.25.

Shares of Akoustis Technologies stock opened at $8.37 on Monday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 11.36 and a current ratio of 11.38. The stock’s 50-day simple moving average is $7.98 and its 200-day simple moving average is $7.46. Akoustis Technologies has a 52 week low of $3.76 and a 52 week high of $9.40.

Akoustis Technologies (NASDAQ:AKTS) last posted its quarterly earnings results on Monday, May 4th. The technology company reported ($0.21) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.01). Akoustis Technologies had a negative return on equity of 87.59% and a negative net margin of 1,595.99%. The business had revenue of $0.36 million during the quarter, compared to analysts’ expectations of $0.51 million. Research analysts predict that Akoustis Technologies will post -0.87 EPS for the current fiscal year.

In other Akoustis Technologies news, CEO Jeffrey B. Shealy sold 100,000 shares of Akoustis Technologies stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $7.85, for a total value of $785,000.00. Also, CEO Jeffrey B. Shealy sold 25,000 shares of Akoustis Technologies stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $8.42, for a total transaction of $210,500.00. Following the completion of the transaction, the chief executive officer now directly owns 2,921,062 shares of the company’s stock, valued at $24,595,342.04. The disclosure for this sale can be found here. Company insiders own 18.00% of the company’s stock.

Large investors have recently made changes to their positions in the stock. California Public Employees Retirement System bought a new stake in Akoustis Technologies during the fourth quarter worth approximately $143,000. State Street Corp lifted its stake in shares of Akoustis Technologies by 10.5% in the 4th quarter. State Street Corp now owns 425,919 shares of the technology company’s stock valued at $3,407,000 after purchasing an additional 40,339 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Akoustis Technologies by 4.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 62,654 shares of the technology company’s stock worth $502,000 after purchasing an additional 2,699 shares during the period. Bank of Montreal Can increased its position in shares of Akoustis Technologies by 93.0% during the 4th quarter. Bank of Montreal Can now owns 4,247 shares of the technology company’s stock valued at $34,000 after purchasing an additional 2,047 shares during the last quarter. Finally, Barclays PLC raised its holdings in Akoustis Technologies by 102.0% during the 4th quarter. Barclays PLC now owns 25,436 shares of the technology company’s stock valued at $203,000 after buying an additional 12,846 shares during the period. 40.59% of the stock is owned by hedge funds and other institutional investors.

Akoustis Technologies Company Profile

Akoustis Technologies, Inc, through its subsidiary, Akoustis, Inc, develops, designs, manufactures, and sells radio frequency (RF) filter products for the mobile wireless device industries in the United States. The company operates through two segments, Foundry Fabrication Services and RF Filters. The Foundry Fabrication Services segment provides engineering review services; and smart systems technology and commercialization center foundry, as well as manufacturing and microelectromechanical systems foundry services.

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