Avidian Wealth Solutions LLC purchased a new stake in Akoustis Technologies, Inc. (NASDAQ:AKTS) during the third quarter, HoldingsChannel.com reports. The firm purchased 10,500 shares of the technology company’s stock, valued at approximately $102,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in AKTS. Metropolitan Life Insurance Co NY grew its stake in Akoustis Technologies by 118,587.5% in the 2nd quarter. Metropolitan Life Insurance Co NY now owns 9,495 shares of the technology company’s stock valued at $102,000 after buying an additional 9,487 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Akoustis Technologies by 14.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 11,942 shares of the technology company’s stock valued at $115,000 after buying an additional 1,534 shares during the last quarter. ProShare Advisors LLC acquired a new position in shares of Akoustis Technologies during the 2nd quarter worth approximately $121,000. Invesco Ltd. acquired a new position in shares of Akoustis Technologies during the 2nd quarter worth approximately $125,000. Finally, SG Americas Securities LLC acquired a new position in shares of Akoustis Technologies during the 3rd quarter worth approximately $142,000. Institutional investors and hedge funds own 50.21% of the company’s stock.
AKTS has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Akoustis Technologies from a “sell” rating to a “hold” rating in a research report on Monday, January 3rd. Oppenheimer decreased their target price on shares of Akoustis Technologies from $18.00 to $13.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 2nd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $14.30.
Akoustis Technologies (NASDAQ:AKTS) last posted its quarterly earnings results on Sunday, October 31st. The technology company reported ($0.25) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.05). The firm had revenue of $1.87 million for the quarter, compared to analyst estimates of $1.97 million. Akoustis Technologies had a negative return on equity of 36.49% and a negative net margin of 573.95%. The business’s revenue was up 192.2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.23) EPS. Equities analysts expect that Akoustis Technologies, Inc. will post -0.83 EPS for the current year.
In related news, Director Suzanne B. Rudy sold 12,731 shares of the stock in a transaction that occurred on Tuesday, November 9th. The shares were sold at an average price of $8.11, for a total value of $103,248.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arthur Geiss sold 10,000 shares of the stock in a transaction that occurred on Friday, October 29th. The shares were sold at an average price of $7.47, for a total transaction of $74,700.00. The disclosure for this sale can be found here. Insiders have sold a total of 49,989 shares of company stock worth $359,627 in the last quarter. 5.70% of the stock is currently owned by company insiders.
Akoustis Technologies Profile
Akoustis Technologies, Inc is a filter solutions company, which engages in the development, design, and manufacture of radio frequency (RF) filter products. It operates through the Foundry Fabrication Services; and RF Filters segments. The Foundry Fabrication Services segment consists of engineering review services and STC-MEMS foundry services.
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