Resonant (NASDAQ:RESN) Upgraded to “Hold” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Resonant (NASDAQ:RESN) from a sell rating to a hold rating in a research note issued to investors on Wednesday morning, 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. Needham & Company LLC set a $5.00 target price on shares of Resonant and gave the company a buy rating in a research note on Wednesday, August 7th. HC Wainwright cut their target price on shares of Resonant from $8.00 to $4.00 and set a buy rating for the company in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $5.60.

RESN stock traded down $0.18 on Wednesday, hitting $2.92. 229,787 shares of the company’s stock traded hands, compared to its average volume of 198,855. Resonant has a 1-year low of $0.92 and a 1-year high of $4.00. The stock has a market cap of $92.14 million, a price-to-earnings ratio of -2.98 and a beta of 2.28. The stock has a fifty day moving average of $3.11 and a 200-day moving average of $2.77. The company has a current ratio of 3.11, a quick ratio of 3.11 and a debt-to-equity ratio of 0.20.

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

In other news, Director Michael J. Fox purchased 396,000 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were acquired at an average price of $2.53 per share, for a total transaction of $1,001,880.00. Following the completion of the acquisition, the director now directly owns 62,925 shares of the company’s stock, valued at $159,200.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 13,747 shares of company stock worth $38,373 in the last 90 days. 26.60% of the stock is owned by company insiders.

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

Resonant Company Profile

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.

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