Akoustis Technologies, Inc. Expected to Earn Q1 2024 Earnings of ($0.20) Per Share (NASDAQ:AKTS)

Posted by Defense World Staff on Sep 11th, 2023

Akoustis Technologies, Inc. (NASDAQ:AKTS – Free Report) – Equities researchers at B. Riley cut their Q1 2024 earnings per share (EPS) estimates for shares of Akoustis Technologies in a report issued on Wednesday, September 6th. B. Riley analyst C. Ellis now anticipates that the technology company will post earnings of ($0.20) per share for the quarter, down from their previous forecast of ($0.13). B. Riley has a “Neutral” rating and a $1.75 price objective on the stock. The consensus estimate for Akoustis Technologies’ current full-year earnings is ($0.41) per share. B. Riley also issued estimates for Akoustis Technologies’ Q2 2024 earnings at ($0.17) EPS, Q3 2024 earnings at ($0.15) EPS, Q4 2024 earnings at ($0.14) EPS, FY2024 earnings at ($0.65) EPS, Q1 2025 earnings at ($0.10) EPS, Q2 2025 earnings at ($0.09) EPS, Q3 2025 earnings at ($0.08) EPS, Q4 2025 earnings at ($0.06) EPS and FY2025 earnings at ($0.33) EPS.

Akoustis Technologies (NASDAQ:AKTS – Get Free Report) last issued its quarterly earnings results on Wednesday, September 6th. The technology company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.05). The business had revenue of $8.33 million during the quarter, compared to the consensus estimate of $8.40 million. Akoustis Technologies had a negative return on equity of 63.41% and a negative net margin of 234.35%. During the same period in the prior year, the firm earned ($0.26) earnings per share.

Separately, Oppenheimer lowered their price objective on Akoustis Technologies from $6.00 to $3.00 and set an “outperform” rating on the stock in a research report on Thursday.

Read Our Latest Analysis on Akoustis Technologies

Akoustis Technologies Stock Performance

AKTS opened at $1.19 on Monday. The stock has a market cap of $86.10 million, a PE ratio of -1.19 and a beta of 1.66. The company has a current ratio of 3.41, a quick ratio of 5.14 and a debt-to-equity ratio of 0.51. Akoustis Technologies has a 1 year low of $0.92 and a 1 year high of $4.96. The stock’s 50 day simple moving average is $2.17 and its 200-day simple moving average is $2.79.

Institutional Trading of Akoustis Technologies

A number of large investors have recently bought and sold shares of the stock. Silverback Asset Management LLC grew its position in Akoustis Technologies by 15.0% in the second quarter. Silverback Asset Management LLC now owns 2,041,591 shares of the technology company’s stock valued at $6,492,000 after acquiring an additional 266,591 shares during the period. Nuveen Asset Management LLC grew its holdings in shares of Akoustis Technologies by 13.9% during the second quarter. Nuveen Asset Management LLC now owns 148,520 shares of the technology company’s stock worth $472,000 after purchasing an additional 18,091 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Akoustis Technologies by 53.5% during the second quarter. Wells Fargo & Company MN now owns 40,460 shares of the technology company’s stock worth $129,000 after purchasing an additional 14,103 shares during the last quarter. State of Wyoming grew its holdings in shares of Akoustis Technologies by 176.3% during the second quarter. State of Wyoming now owns 8,975 shares of the technology company’s stock worth $29,000 after purchasing an additional 5,727 shares during the last quarter. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in shares of Akoustis Technologies during the second quarter worth $88,000. 52.07% of the stock is currently owned by institutional investors.

Akoustis Technologies Company Profile

(Get Free Report)

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.