Short Interest in Akoustis Technologies, Inc. (NASDAQ:AKTS) Grows By 9.7%

Akoustis Technologies, Inc. (NASDAQ:AKTS) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 7,220,000 shares, an increase of 9.7% from the August 15th total of 6,580,000 shares. Based on an average daily volume of 844,600 shares, the days-to-cover ratio is currently 8.5 days.

Analyst Ratings Changes

A number of research firms have weighed in on AKTS. Oppenheimer dropped their price target on shares of Akoustis Technologies from $6.00 to $3.00 and set an “outperform” rating for the company in a research report on Thursday, September 7th. B. Riley lowered shares of Akoustis Technologies from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $9.25 to $1.75 in a research report on Wednesday, September 6th.

Hedge Funds Weigh In On Akoustis Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of AKTS. Silverback Asset Management LLC grew its stake in shares of Akoustis Technologies by 15.0% in the 2nd quarter. Silverback Asset Management LLC now owns 2,041,591 shares of the technology company’s stock worth $6,492,000 after buying an additional 266,591 shares in the last quarter. Nuveen Asset Management LLC grew its stake in shares of Akoustis Technologies by 13.9% in the 2nd quarter. Nuveen Asset Management LLC now owns 148,520 shares of the technology company’s stock worth $472,000 after buying an additional 18,091 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Akoustis Technologies by 53.5% in the 2nd quarter. Wells Fargo & Company MN now owns 40,460 shares of the technology company’s stock worth $129,000 after buying an additional 14,103 shares in the last quarter. State of Wyoming grew its stake in shares of Akoustis Technologies by 176.3% in the 2nd quarter. State of Wyoming now owns 8,975 shares of the technology company’s stock worth $29,000 after buying an additional 5,727 shares in the last quarter. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in shares of Akoustis Technologies in the 2nd quarter worth $88,000. Institutional investors own 52.07% of the company’s stock.

Akoustis Technologies Price Performance

Shares of NASDAQ:AKTS opened at $0.84 on Tuesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.98 and a current ratio of 3.41. The firm has a fifty day moving average price of $1.92 and a 200 day moving average price of $2.67. Akoustis Technologies has a fifty-two week low of $0.79 and a fifty-two week high of $4.96. The firm has a market cap of $60.80 million, a price-to-earnings ratio of -0.84 and a beta of 1.66.

Akoustis Technologies (NASDAQ:AKTS) last issued its earnings results on Wednesday, September 6th. The technology company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.05). Akoustis Technologies had a negative return on equity of 63.41% and a negative net margin of 234.35%. The company had revenue of $8.33 million for the quarter, compared to the consensus estimate of $8.40 million. During the same quarter in the prior year, the company posted ($0.26) EPS. As a group, sell-side analysts expect that Akoustis Technologies will post -0.59 earnings per share for the current fiscal year.

Akoustis Technologies Company Profile

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.