Akoustis Technologies (NASDAQ:AKTS) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Akoustis Technologies (NASDAQ:AKTS) announced its quarterly earnings data on Sunday. The technology company reported ($0.22) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.01), Briefing.com reports. The firm had revenue of $2.52 million during the quarter, compared to analyst estimates of $2.25 million. Akoustis Technologies had a negative net margin of 2,077.27% and a negative return on equity of 72.62%. The business’s revenue for the quarter was up 594.2% compared to the same quarter last year.

Shares of Akoustis Technologies stock traded down $0.48 during midday trading on Tuesday, hitting $9.49. The company’s stock had a trading volume of 15,980 shares, compared to its average volume of 823,184. Akoustis Technologies has a 1-year low of $7.00 and a 1-year high of $19.15. The company has a quick ratio of 9.34, a current ratio of 9.40 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $402.31 million, a P/E ratio of -8.59 and a beta of 1.63. The stock has a 50-day simple moving average of $12.62 and a 200-day simple moving average of $11.93.

A number of equities research analysts have weighed in on AKTS shares. Lake Street Capital reduced their price objective on shares of Akoustis Technologies from $19.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday. Roth Capital decreased their price target on shares of Akoustis Technologies from $25.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday. Loop Capital increased their price objective on Akoustis Technologies from $11.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, January 5th. Oppenheimer lifted their target price on Akoustis Technologies from $15.00 to $20.00 and gave the stock an “outperform” rating in a report on Thursday, January 28th. Finally, Zacks Investment Research raised Akoustis Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, April 6th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Akoustis Technologies currently has a consensus rating of “Buy” and an average price target of $16.00.

In other Akoustis Technologies news, CEO Jeffrey B. Shealy sold 15,000 shares of the company’s stock in a transaction dated Monday, February 8th. The stock was sold at an average price of $18.00, for a total value of $270,000.00. Following the transaction, the chief executive officer now directly owns 1,136,239 shares of the company’s stock, valued at approximately $20,452,302. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Steven Denbaars sold 7,000 shares of the firm’s stock in a transaction dated Monday, April 12th. The stock was sold at an average price of $12.00, for a total value of $84,000.00. Following the sale, the director now directly owns 253,829 shares of the company’s stock, valued at $3,045,948. The disclosure for this sale can be found here. Insiders have sold 428,242 shares of company stock worth $5,819,948 over the last three months. 13.70% of the stock is owned by insiders.

About Akoustis Technologies

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 for Akoustis Technologies (NASDAQ:AKTS)

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