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Akoustis Technologies (NASDAQ:AKTS) Shares Cross Below 50 Day Moving Average of $4.19

Defense World · Sep 30, 2022 03:41

Shares of Akoustis Technologies, Inc. (NASDAQ:AKTS – Get Rating) passed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $4.19 and traded as low as $2.79. Akoustis Technologies shares last traded at $2.84, with a volume of 329,646 shares trading hands.

Analysts Set New Price Targets

Separately, Piper Sandler cut their price target on Akoustis Technologies from $7.00 to $5.00 and set an "overweight" rating on the stock in a research note on Tuesday, September 13th.

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Akoustis Technologies Stock Performance

The company has a debt-to-equity ratio of 0.42, a quick ratio of 6.92 and a current ratio of 7.25. The stock's 50-day moving average is $4.19 and its 200 day moving average is $4.45. The firm has a market cap of $162.53 million, a P/E ratio of -2.58 and a beta of 1.43.

Insider Activity at Akoustis Technologies

In related news, Director Steven Denbaars sold 7,000 shares of the company's stock in a transaction 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 completion of the sale, the director now owns 243,545 shares in the company, valued at approximately $949,825.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 26,193 shares of company stock worth $111,688 in the last quarter. Corporate insiders own 5.70% of the company's stock.

Hedge Funds Weigh In On Akoustis Technologies

Large investors have recently added to or reduced their stakes in the company. Amalgamated Bank bought a new position in shares of Akoustis Technologies in the 1st quarter valued at about $52,000. Hohimer Wealth Management LLC bought a new position in shares of Akoustis Technologies in the 1st quarter valued at about $65,000. Pinnacle Wealth Planning Services Inc. bought a new position in shares of Akoustis Technologies in the 2nd quarter valued at about $38,000. BNP Paribas Arbitrage SA grew its holdings in shares of Akoustis Technologies by 170.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 11,382 shares of the technology company's stock valued at $42,000 after acquiring an additional 7,167 shares in the last quarter. Finally, HighTower Advisors LLC bought a new position in shares of Akoustis Technologies in the 1st quarter valued at about $77,000. Institutional investors own 52.22% of the company's stock.

Akoustis Technologies Company Profile

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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.