Akoustis Technologies (AKTS) Receives a Rating Update from a Top Analyst

In a report released today, Rick Schafer from Oppenheimer reiterated a Buy rating on Akoustis Technologies (AKTS), with a price target of $10. The company’s shares closed yesterday at $7.22.

Schafer said:

“Akoustis reported F2Q (Dec) results Monday. Sales/EPS of $0.32M/($0.24) were roughly in line with consensus $0.4M/($0.24)E. We attribute the minor topline shortfall to timing at an outside packaging partner, which allowed some revenue to push into F3Q (Mar). We don’t believe this created any customer issues. Mgmt continues to execute on milestones, most recently announcing two key SoC customer wins for 5.2GHz WiFi filters. The company is also sampling industry’s first 5.6GHz WiFi filter, paving the way for a tandem BAW solution and opening the door to a full tri-band solution (2.4GHz/5.2GHz/5.6GHz). This year mgmt is focused on expanding WiFi and network infrastructure share while positioning for a smartphone win as soon as later this year. We see revenues accelerating as customer production orders transition to revenues and reiterate our Outperform and $10 target.”

According to TipRanks.com, Schafer is a top 100 analyst with an average return of 14.6% and a 67.9% success rate. Schafer covers the Consumer Goods sector, focusing on stocks such as Skyworks Solutions, Texas Instruments, and Monolithic Power.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Akoustis Technologies with a $8.80 average price target.

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The company has a one-year high of $9.50 and a one-year low of $3.40. Currently, Akoustis Technologies has an average volume of 291K.

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.