Akoustis Technologies (NASDAQ:AKTS) Announces Earnings Results


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Akoustis Technologies (NASDAQ:AKTS) issued its earnings results 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. Akoustis Technologies had a negative return on equity of 72.62% and a negative net margin of 2,077.27%. The company had revenue of $2.52 million for the quarter, compared to analyst estimates of $2.25 million. The business’s quarterly revenue was up 594.2% on a year-over-year basis.

Akoustis Technologies stock traded down $0.36 during midday trading on Tuesday, reaching $9.61. 888,827 shares of the stock traded hands, compared to its average volume of 823,981. The firm has a market cap of $407.40 million, a PE ratio of -8.59 and a beta of 1.63. The company has a current ratio of 9.40, a quick ratio of 9.34 and a debt-to-equity ratio of 0.70. The company has a 50-day simple moving average of $12.62 and a two-hundred day simple moving average of $11.93. Akoustis Technologies has a 12-month low of $7.00 and a 12-month high of $19.15.

In other news, Director Steven Denbaars sold 7,000 shares of the company’s stock in a transaction on Monday, April 12th. The stock was sold at an average price of $12.00, for a total transaction of $84,000.00. Following the sale, the director now owns 253,829 shares of the company’s stock, valued at $3,045,948. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David Aichele sold 5,000 shares of the stock in a transaction on Monday, March 22nd. The shares were sold at an average price of $13.72, for a total value of $68,600.00. Following the completion of the sale, the executive vice president now owns 182,171 shares in the company, valued at $2,499,386.12. 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 quarter. Insiders own 13.70% of the company’s stock.

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

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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