Akoustis Technologies, Inc. (NASDAQ:AKTS) Expected to Announce Quarterly Sales of $2.05 Million

Equities research analysts expect Akoustis Technologies, Inc. (NASDAQ:AKTS) to announce $2.05 million in sales for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Akoustis Technologies’ earnings, with the lowest sales estimate coming in at $2.00 million and the highest estimate coming in at $2.16 million. Akoustis Technologies posted sales of $640,000.00 in the same quarter last year, which suggests a positive year over year growth rate of 220.3%. The company is scheduled to issue its next quarterly earnings report on Monday, November 1st.

According to Zacks, analysts expect that Akoustis Technologies will report full-year sales of $18.34 million for the current fiscal year, with estimates ranging from $17.30 million to $20.00 million. For the next financial year, analysts anticipate that the business will report sales of $64.84 million, with estimates ranging from $53.70 million to $84.00 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that cover Akoustis Technologies.

Akoustis Technologies (NASDAQ:AKTS) last released its earnings results on Sunday, August 29th. The technology company reported ($0.19) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($0.01). The business had revenue of $2.20 million for the quarter, compared to analysts’ expectations of $2.50 million. Akoustis Technologies had a negative net margin of 667.21% and a negative return on equity of 42.85%. The company’s revenue for the quarter was up 501.1% compared to the same quarter last year.

Separately, Zacks Investment Research cut Akoustis Technologies from a “hold” rating to a “sell” rating in a research note on Thursday, September 2nd. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat.com, Akoustis Technologies presently has a consensus rating of “Buy” and an average target price of $17.40.

AKTS stock traded down $0.05 on Friday, reaching $9.67. 6,552 shares of the company traded hands, compared to its average volume of 647,237. The firm has a fifty day simple moving average of $9.46 and a 200-day simple moving average of $10.66. The company has a market cap of $496.17 million, a P/E ratio of -9.44 and a beta of 1.39. Akoustis Technologies has a one year low of $7.40 and a one year high of $19.15.

In other Akoustis Technologies news, Director Steven Denbaars sold 7,000 shares of the stock in a transaction on Monday, July 12th. The stock was sold at an average price of $9.93, for a total transaction of $69,510.00. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 16,998 shares of company stock worth $158,467 over the last ninety days. 13.70% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in AKTS. Oppenheimer & Co. Inc. raised its holdings in shares of Akoustis Technologies by 694.4% during the second quarter. Oppenheimer & Co. Inc. now owns 120,750 shares of the technology company’s stock valued at $1,293,000 after purchasing an additional 105,550 shares during the last quarter. Connors Investor Services Inc. purchased a new stake in Akoustis Technologies during the 2nd quarter valued at $3,776,000. Northern Trust Corp raised its stake in Akoustis Technologies by 7.6% during the 1st quarter. Northern Trust Corp now owns 383,953 shares of the technology company’s stock valued at $5,122,000 after buying an additional 27,216 shares during the last quarter. HighTower Advisors LLC bought a new position in shares of Akoustis Technologies during the 1st quarter valued at $308,000. Finally, Benjamin F. Edwards & Company Inc. boosted its stake in shares of Akoustis Technologies by 19.0% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 78,800 shares of the technology company’s stock worth $1,051,000 after buying an additional 12,586 shares during the last quarter. Hedge funds and other institutional investors own 48.68% of the company’s stock.

About Akoustis Technologies

Akoustis Technologies, Inc is a filter solutions company, which engages in the development, design, and manufacture of radio frequency (RF) filter products. It operates through the Foundry Fabrication Services; and RF Filters segments. The Foundry Fabrication Services segment consists of engineering review services and STC-MEMS foundry services.

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Earnings History and Estimates for Akoustis Technologies (NASDAQ:AKTS)

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