H.C. Wainwright analyst Kevin Dede reiterated a Buy rating on Resonant (NASDAQ: RESN) today and set a price target of $8. The company’s shares opened today at $4.19.
Dede observed:
“We know Mike to be a huge Ferrari (RACE.IT; not rated) fan, and although we have never had the luxury of the experience, can broadly relate to the appeal probably best visualized in a scene from Ferris Buller’s Day Off, where a pair of parking attendants fly over a bump in the road at an apparent 180 mph in a legendary, convertible 1961 Ferrari GT California on a perfect Chicago spring day—that car is worth in the neighborhood of $11M now.”
According to TipRanks.com, Dede has currently no stars on a ranking scale of 0-5 stars, with an average return of -9.9% and a 39.6% success rate. Dede covers the Consumer Goods sector, focusing on stocks such as Microvision, SuperCom, and eMagin.
Currently, the analyst consensus on Resonant is a Strong Buy with an average price target of $8.25.
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Based on Resonant’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $5.95 million. In comparison, last year the company had a GAAP net loss of $4.26 million.
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Resonant, Inc. operates as a development-stage company, which engages in the creation of filter designs for radio frequency front-ends for the mobile device industry. Its products include the Infinite Synthesized Networks. Infinite Synthesized Networks designs complex filter products.
