Akoustis Technologies, Inc. (NASDAQ:AKTS – Get Rating) – Equities research analysts at Oppenheimer decreased their Q2 2023 earnings per share (EPS) estimates for shares of Akoustis Technologies in a note issued to investors on Monday, November 14th. Oppenheimer analyst R. Schafer now anticipates that the technology company will post earnings per share of ($0.23) for the quarter, down from their previous forecast of ($0.10). Oppenheimer has a “Outperform” rating and a $7.00 price target on the stock. The consensus estimate for Akoustis Technologies’ current full-year earnings is ($0.94) per share. Oppenheimer also issued estimates for Akoustis Technologies’ Q3 2023 earnings at ($0.22) EPS, Q4 2023 earnings at ($0.22) EPS, Q1 2024 earnings at ($0.14) EPS, Q2 2024 earnings at ($0.12) EPS, Q3 2024 earnings at ($0.08) EPS, Q4 2024 earnings at ($0.05) EPS and FY2024 earnings at ($0.39) EPS.
AKTS has been the subject of a number of other reports. Piper Sandler decreased their target price on Akoustis Technologies from $7.00 to $5.00 and set an “overweight” rating for the company in a research report on Tuesday, September 13th. Craig Hallum cut their price target on Akoustis Technologies to $7.00 in a research note on Thursday.
Akoustis Technologies Stock Performance
Akoustis Technologies (NASDAQ:AKTS – Get Rating) last posted its quarterly earnings data on Monday, September 12th. The technology company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.07). Akoustis Technologies had a negative return on equity of 51.16% and a negative net margin of 342.71%. The business had revenue of $5.20 million during the quarter, compared to the consensus estimate of $6.18 million.
Institutional Investors Weigh In On Akoustis Technologies
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Alliancebernstein L.P. increased its holdings in shares of Akoustis Technologies by 17.5% in the third quarter. Alliancebernstein L.P. now owns 18,100 shares of the technology company’s stock worth $54,000 after purchasing an additional 2,700 shares during the period. Vanguard Group Inc. increased its holdings in shares of Akoustis Technologies by 0.6% in the third quarter. Vanguard Group Inc. now owns 2,621,395 shares of the technology company’s stock worth $7,786,000 after purchasing an additional 14,821 shares during the period. Marshall Wace LLP purchased a new position in Akoustis Technologies in the third quarter worth $33,000. Financial Advocates Investment Management purchased a new position in Akoustis Technologies in the third quarter worth $548,000. Finally, Bank of New York Mellon Corp grew its position in Akoustis Technologies by 6.6% in the third quarter. Bank of New York Mellon Corp now owns 180,803 shares of the technology company’s stock worth $537,000 after acquiring an additional 11,267 shares in the last quarter. Institutional investors own 52.22% of the company’s stock.
Insider Transactions at Akoustis Technologies
In related news, Director Steven Denbaars sold 7,000 shares of Akoustis Technologies stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $3.90, for a total value of $27,300.00. Following the sale, the director now owns 243,545 shares of the company’s stock, valued at approximately $949,825.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 23,880 shares of company stock worth $103,177 in the last 90 days. Insiders own 5.40% of the company’s stock.
About Akoustis Technologies
Akoustis Technologies, Inc, through its subsidiary, Akoustis, Inc, designs, develops, manufactures, and sells radio frequency (RF) filter products for the mobile wireless device industry in the United States, Asia, Europe, and internationally. It operates through two segments, Foundry Fabrication Services and RF Filters.
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