Zacks Investment Research Downgrades Akoustis Technologies (NASDAQ:AKTS) to Hold

Zacks Investment Research cut shares of Akoustis Technologies (NASDAQ:AKTS) from a buy rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

According to Zacks, “Akoustis Technologies, Inc. is a semiconductor designer and manufacturer of radio frequency resonators and filters which facilitate signal acquisition and accelerate band performance between the antenna and the back end of mobile devices. The company’s patent-pending Bulk ONE(TM) technology produces single crystal, piezoelectric bulk acoustic wave filters. Akoustis Technologies, Inc. is headquartered in Huntersville, North Carolina. “

A number of other analysts have also commented on the company. Northland Securities reissued a hold rating and set a $7.40 price target on shares of Akoustis Technologies in a research note on Friday, November 8th. Oppenheimer set a $10.00 price target on Akoustis Technologies and gave the company a buy rating in a research note on Wednesday, September 18th. Finally, BidaskClub lowered Akoustis Technologies from a hold rating to a sell rating in a research note on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $9.78.

AKTS stock traded up $0.23 during trading hours on Wednesday, hitting $7.60. 227,800 shares of the stock were exchanged, compared to its average volume of 332,151. The company has a 50-day simple moving average of $7.89 and a two-hundred day simple moving average of $6.99. Akoustis Technologies has a 12 month low of $4.33 and a 12 month high of $9.00. The company has a quick ratio of 8.97, a current ratio of 9.01 and a debt-to-equity ratio of 1.03.

In related news, VP David Aichele sold 10,250 shares of Akoustis Technologies stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $7.74, for a total value of $79,335.00. Also, Director Steven Denbaars sold 7,000 shares of Akoustis Technologies stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $7.72, for a total value of $54,040.00. Insiders have sold 63,650 shares of company stock worth $496,786 over the last three months. Insiders own 18.00% of the company’s stock.

Several institutional investors have recently bought and sold shares of AKTS. Commonwealth Equity Services LLC lifted its stake in shares of Akoustis Technologies by 3.0% in the second quarter. Commonwealth Equity Services LLC now owns 221,514 shares of the technology company’s stock worth $1,417,000 after acquiring an additional 6,415 shares during the period. FNY Investment Advisers LLC lifted its stake in shares of Akoustis Technologies by 157.8% in the second quarter. FNY Investment Advisers LLC now owns 202,957 shares of the technology company’s stock worth $1,298,000 after acquiring an additional 124,218 shares during the period. Willingdon Wealth Management lifted its stake in shares of Akoustis Technologies by 1,952.5% in the second quarter. Willingdon Wealth Management now owns 8,210 shares of the technology company’s stock worth $53,000 after acquiring an additional 7,810 shares during the period. Eagle Asset Management Inc. acquired a new position in shares of Akoustis Technologies in the second quarter worth approximately $179,000. Finally, Wells Fargo & Company MN lifted its stake in shares of Akoustis Technologies by 61.5% in the second quarter. Wells Fargo & Company MN now owns 25,523 shares of the technology company’s stock worth $163,000 after acquiring an additional 9,723 shares during the period. 35.77% of the stock is currently owned by institutional investors.

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 industries in the United States. The company operates through two segments, Foundry Fabrication Services and RF Filters. The Foundry Fabrication Services segment provides engineering review services; and smart systems technology and commercialization center foundry, as well as manufacturing and microelectromechanical systems foundry services.

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