Akoustis Technologies (NASDAQ:AKTS) Stock Crosses Above Fifty Day Moving Average of $0.58

Akoustis Technologies, Inc. (NASDAQ:AKTS) passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $0.58 and traded as high as $0.61. Akoustis Technologies shares last traded at $0.60, with a volume of 297,825 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Piper Sandler cut shares of Akoustis Technologies from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $2.00 to $1.00 in a report on Thursday, January 4th.

Akoustis Technologies Trading Up 2.2 %

The company’s fifty day moving average is $0.58 and its two-hundred day moving average is $0.64. The stock has a market cap of $59.16 million, a price-to-earnings ratio of -0.62 and a beta of 1.71. The company has a quick ratio of 1.44, a current ratio of 1.82 and a debt-to-equity ratio of 0.80.

Akoustis Technologies (NASDAQ:AKTS) last issued its earnings results on Tuesday, February 13th. The technology company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.01). The firm had revenue of $7.02 million during the quarter, compared to analyst estimates of $6.99 million. Akoustis Technologies had a negative net margin of 232.77% and a negative return on equity of 80.80%. During the same period last year, the business earned ($0.19) EPS. On average, research analysts predict that Akoustis Technologies, Inc. will post -0.68 EPS for the current fiscal year.

Institutional Trading of Akoustis Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AKTS. Taylor Frigon Capital Management LLC raised its holdings in Akoustis Technologies by 303.4% during the first quarter. Taylor Frigon Capital Management LLC now owns 3,358,195 shares of the technology company’s stock worth $1,985,000 after purchasing an additional 2,525,823 shares in the last quarter. Senvest Management LLC raised its holdings in Akoustis Technologies by 14.3% during the third quarter. Senvest Management LLC now owns 3,802,592 shares of the technology company’s stock worth $2,863,000 after purchasing an additional 476,314 shares in the last quarter. West Tower Group LLC raised its holdings in Akoustis Technologies by 17.9% during the fourth quarter. West Tower Group LLC now owns 882,407 shares of the technology company’s stock worth $736,000 after purchasing an additional 134,011 shares in the last quarter. Crestwood Advisors Group LLC acquired a new stake in Akoustis Technologies during the third quarter worth approximately $84,000. Finally, Perkins Capital Management Inc. raised its holdings in Akoustis Technologies by 10.8% during the third quarter. Perkins Capital Management Inc. now owns 597,500 shares of the technology company’s stock worth $450,000 after purchasing an additional 58,250 shares in the last quarter. Institutional investors and hedge funds own 28.84% of the company’s stock.

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 Foundry Fabrication Services and RF Filters segments.