Akoustis Technologies (AKTS) Trading Down 7.1% After Analyst Downgrade

Akoustis Technologies Inc (NASDAQ:AKTS)’s share price dropped 7.1% during mid-day trading on Friday after Loop Capital lowered their price target on the stock from $15.00 to $11.00. Loop Capital currently has a buy rating on the stock. Akoustis Technologies traded as low as $3.78 and last traded at $3.78. Approximately 752,500 shares were traded during trading, an increase of 364% from the average daily volume of 162,349 shares. The stock had previously closed at $4.07.

Other equities analysts also recently issued reports about the stock. Piper Jaffray Companies initiated coverage on shares of Akoustis Technologies in a report on Wednesday, October 10th. They set a “buy” rating and a $10.00 price objective on the stock. Oppenheimer initiated coverage on shares of Akoustis Technologies in a report on Thursday, August 30th. They set an “outperform” rating and a $10.00 price objective on the stock. Six analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and an average price target of $11.42.

In other Akoustis Technologies news, VP David Aichele sold 3,700 shares of the stock in a transaction on Monday, August 13th. The shares were sold at an average price of $7.68, for a total transaction of $28,416.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jeffrey B. Shealy sold 7,200 shares of the stock in a transaction on Monday, August 13th. The shares were sold at an average price of $7.67, for a total transaction of $55,224.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,193 shares of company stock worth $379,560. Insiders own 22.60% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. LMR Partners LLP acquired a new stake in shares of Akoustis Technologies in the second quarter valued at about $216,000. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Akoustis Technologies in the third quarter valued at about $340,000. Paloma Partners Management Co acquired a new stake in shares of Akoustis Technologies in the second quarter valued at about $424,000. Providence Capital Advisors LLC raised its position in shares of Akoustis Technologies by 10.8% in the second quarter. Providence Capital Advisors LLC now owns 73,778 shares of the technology company’s stock valued at $536,000 after buying an additional 7,205 shares during the last quarter. Finally, UBS Group AG raised its position in shares of Akoustis Technologies by 28.8% in the first quarter. UBS Group AG now owns 83,274 shares of the technology company’s stock valued at $485,000 after buying an additional 18,634 shares during the last quarter. Institutional investors and hedge funds own 14.45% of the company’s stock.

The company has a debt-to-equity ratio of 0.83, a quick ratio of 5.99 and a current ratio of 6.01.

About Akoustis Technologies (NASDAQ:AKTS)

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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