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


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Akoustis Technologies (NASDAQ:AKTS) posted its earnings results on Sunday. The technology company reported ($0.22) EPS 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 for the quarter, compared to the consensus estimate of $2.25 million. Akoustis Technologies had a negative return on equity of 72.62% and a negative net margin of 2,077.27%. Akoustis Technologies’s quarterly revenue was up 594.2% on a year-over-year basis.

Shares of AKTS traded down $0.36 during trading hours on Tuesday, hitting $9.61. The company’s stock had a trading volume of 30,410 shares, compared to its average volume of 823,184. The business 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 52-week low of $7.00 and a 52-week high of $19.15. The company has a debt-to-equity ratio of 0.70, a current ratio of 9.40 and a quick ratio of 9.34. The company has a market cap of $407.40 million, a price-to-earnings ratio of -8.59 and a beta of 1.63.

AKTS has been the topic of several research analyst reports. Roth Capital cut their price objective on Akoustis Technologies from $25.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday. Zacks Investment Research raised shares of Akoustis Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, April 6th. Lake Street Capital decreased their price objective on shares of Akoustis Technologies from $19.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday. Loop Capital increased their target price on shares of Akoustis Technologies from $11.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, January 5th. Finally, Craig Hallum lifted their price target on shares of Akoustis Technologies from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, February 2nd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $16.00.

In related news, EVP David Aichele sold 5,000 shares of the business’s stock in a transaction 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 sale, the executive vice president now directly owns 182,171 shares in the company, valued at approximately $2,499,386.12. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Steven Denbaars sold 7,000 shares of the 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 in the company, valued at approximately $3,045,948. The disclosure for this sale can be found here. In the last three months, insiders sold 428,242 shares of company stock worth $5,819,948. Insiders own 13.70% of the company’s stock.

Akoustis Technologies Company Profile

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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