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

Akoustis Technologies (NASDAQ:AKTS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, 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 equities research analysts have also recently issued reports on the company. Oppenheimer set a $10.00 target price on Akoustis Technologies and gave the company a “buy” rating in a research note on Wednesday, September 18th. BidaskClub cut Akoustis Technologies from a “hold” rating to a “sell” rating in a research note on Tuesday, November 5th. Finally, Northland Securities reiterated a “hold” rating and issued a $7.40 target price on shares of Akoustis Technologies in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $9.78.

NASDAQ:AKTS traded up $0.23 during trading hours on Wednesday, hitting $7.60. The stock had a trading volume of 227,800 shares, compared to its average volume of 332,151. The company has a quick ratio of 8.97, a current ratio of 9.01 and a debt-to-equity ratio of 1.03. Akoustis Technologies has a 1-year low of $4.33 and a 1-year high of $9.00. The business has a 50 day simple moving average of $7.89 and a two-hundred day simple moving average of $6.99.

In other news, Director Steven Denbaars sold 7,000 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $7.72, for a total transaction of $54,040.00. Also, insider Rohan Houlden sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $8.20, for a total value of $82,000.00. Insiders have sold 63,650 shares of company stock worth $496,786 over the last three months. Corporate insiders own 18.00% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of AKTS. BlackRock Inc. increased its holdings in shares of Akoustis Technologies by 979.0% during the second quarter. BlackRock Inc. now owns 1,638,142 shares of the technology company’s stock valued at $10,484,000 after purchasing an additional 1,486,322 shares during the period. Blackcrane Capital LLC acquired a new position in shares of Akoustis Technologies during the second quarter valued at $4,440,000. River & Mercantile Asset Management LLP acquired a new position in shares of Akoustis Technologies during the second quarter valued at $1,871,000. Vanguard Group Inc. increased its holdings in shares of Akoustis Technologies by 15.1% during the second quarter. Vanguard Group Inc. now owns 1,241,285 shares of the technology company’s stock valued at $7,944,000 after purchasing an additional 163,067 shares during the period. Finally, FNY Investment Advisers LLC increased its holdings in shares of Akoustis Technologies by 157.8% during the second quarter. FNY Investment Advisers LLC now owns 202,957 shares of the technology company’s stock valued at $1,298,000 after purchasing an additional 124,218 shares during the period. 35.77% of the stock is currently owned by institutional investors.

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 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.

Featured Article: Understanding the different types of bonds

Get a free copy of the Zacks research report on Akoustis Technologies (AKTS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Akoustis Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Akoustis Technologies and related companies with MarketBeat.com's FREE daily email newsletter.