In a report released today, Rick Schafer from Oppenheimer maintained a Buy rating on Akoustis Technologies (AKTS), with a price target of $10. The company’s shares closed yesterday at $7.20.
Schafer observed:
“Akoustis reports F2Q (Dec.) results Monday (2/4). We see sales/EPS in line with consensus’ $0.4M/($0.24) and expect F3Q (Mar.) outlook on par with our $0.80M/ ($0.20)E. Since we launched coverage in August, mgmt has executed at or ahead of planned milestones, most recently (1/7) announcing 2nd WiFi customer for its 5.2GHz BAW filter, bringing customer count to five, from none 12 months ago. Mgmt is sampling industry’s first 5.6GHz WiFi filters and we expect customer announcements later this year. Customer interest is growing for AKTS’ patented single-crystal XBAW filters, offering performance advantage vs. incumbent poly-crystal BAW. With products shipping, we expect revenues to ramp in C1H before accelerating in C2H. Mgmt secured AKTS’ balance sheet in ~$40M debt/equity raise to support growing demand. $10 PT.”
According to TipRanks.com, Schafer is a top 100 analyst with an average return of 14.2% and a 67.5% success rate. Schafer covers the Consumer Goods sector, focusing on stocks such as Skyworks Solutions, Texas Instruments, and Maxim Integrated.
Currently, the analyst consensus on Akoustis Technologies is a Strong Buy with an average price target of $9.17, implying a 27.4% upside from current levels. In a report issued on January 18, Roth Capital also maintained a Buy rating on the stock with a $10 price target.
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Based on Akoustis Technologies’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $7.31 million. In comparison, last year the company had a GAAP net loss of $5.54 million.
Based on the recent corporate insider activity of 26 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AKTS in relation to earlier this year.
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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.
