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


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Akoustis Technologies (NASDAQ:AKTS) issued its quarterly earnings data on Sunday. The technology company reported ($0.22) earnings per share (EPS) for the quarter, missing the Zacks’ 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 business had revenue of $2.52 million during the quarter, compared to analysts’ expectations of $2.25 million. The company’s revenue was up 594.2% compared to the same quarter last year.

NASDAQ AKTS traded down $0.36 during mid-day trading on Tuesday, reaching $9.61. The stock had a trading volume of 888,827 shares, compared to its average volume of 823,981. The company has a fifty day moving average price of $12.53 and a 200 day moving average price of $11.94. The company has a debt-to-equity ratio of 0.70, a current ratio of 9.40 and a quick ratio of 9.34. Akoustis Technologies has a 1 year low of $7.00 and a 1 year high of $19.15. The stock has a market cap of $407.40 million, a PE ratio of -8.82 and a beta of 1.63.

In other news, Director Steven Denbaars sold 7,000 shares of the firm’s stock in a transaction dated Monday, April 12th. The shares were 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 approximately $3,045,948. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP David Aichele sold 5,000 shares of Akoustis Technologies stock in a transaction that occurred on Monday, March 22nd. The stock was sold at an average price of $13.72, for a total transaction of $68,600.00. Following the completion of the sale, the executive vice president now owns 182,171 shares of the company’s stock, valued at $2,499,386.12. The disclosure for this sale can be found here. Insiders sold 428,242 shares of company stock valued at $5,819,948 in the last 90 days. Company insiders own 13.70% of the company’s stock.

Several brokerages recently weighed in on AKTS. Roth Capital reduced their price target on Akoustis Technologies from $25.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday. Craig Hallum increased their price objective on Akoustis Technologies from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, February 2nd. Oppenheimer lifted their target price on shares of Akoustis Technologies from $15.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, January 28th. Lake Street Capital cut their price target on Akoustis Technologies from $19.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Zacks Investment Research raised Akoustis Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, April 6th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average 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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