Zacks: Resonant Inc (RESN) Given Average Rating of “Strong Buy” by Analysts
Shares of Resonant Inc (NASDAQ:RESN) have been given a consensus broker rating score of 1.00 (Strong Buy) from the two analysts that provide coverage for the company, Zacks Investment Research reports. Two investment analysts have rated the stock with a strong buy recommendation.
Brokerages have set a 12 month consensus target price of $8.00 for the company and are forecasting that the company will post ($0.23) earnings per share for the current quarter, according to Zacks. Zacks has also assigned Resonant an industry rank of 209 out of 265 based on the ratings given to its competitors.
RESN has been the subject of a number of research reports. HC Wainwright set a $8.00 target price on Resonant and gave the company a “buy” rating in a research report on Tuesday, December 12th. National Securities initiated coverage on Resonant in a research report on Tuesday, December 5th. They set a “buy” rating and a $14.00 target price for the company. Zacks Investment Research upgraded Resonant from a “hold” rating to a “buy” rating and set a $5.50 target price for the company in a research report on Tuesday, November 21st. Finally, Drexel Hamilton reiterated a “buy” rating and set a $8.00 target price on shares of Resonant in a research report on Thursday, November 9th.
In related news, insider Robert B. Hammond sold 5,000 shares of the stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $6.00, for a total transaction of $30,000.00. Following the sale, the insider now owns 372,019 shares in the company, valued at approximately $2,232,114. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George B. Holmes sold 6,615 shares of the stock in a transaction on Monday, December 4th. The shares were sold at an average price of $7.21, for a total value of $47,694.15. The disclosure for this sale can be found here. Insiders have sold a total of 20,850 shares of company stock worth $131,695 in the last 90 days. 22.30% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Concert Wealth Management Inc. purchased a new stake in Resonant during the 2nd quarter valued at $1,542,000. Leisure Capital Management increased its stake in Resonant by 25.2% in the second quarter. Leisure Capital Management now owns 64,574 shares of the semiconductor company’s stock worth $286,000 after purchasing an additional 13,003 shares during the period. Westside Investment Management Inc. increased its stake in Resonant by 2.9% in the second quarter. Westside Investment Management Inc. now owns 44,600 shares of the semiconductor company’s stock worth $217,000 after purchasing an additional 1,250 shares during the period. Finally, Stifel Financial Corp increased its stake in Resonant by 195.2% in the third quarter. Stifel Financial Corp now owns 31,000 shares of the semiconductor company’s stock worth $137,000 after purchasing an additional 20,500 shares during the period. Institutional investors own 5.15% of the company’s stock.
Resonant (RESN) traded up $0.87 during midday trading on Thursday, hitting $7.76. The stock had a trading volume of 749,918 shares, compared to its average volume of 390,810. Resonant has a 52-week low of $3.82 and a 52-week high of $8.06.
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Resonant Company Profile
Resonant Inc is a late-stage development company. The Company creates filter designs for radio frequency (RF) front-ends for the mobile device industry. The RF front-end is the circuitry in a mobile device for analog signal processing and is located between the device’s antenna and its digital baseband.
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