Akoustis Technologies Inc. (NASDAQ: AKTS) stock jumped 5.31% on Tuesday to $3.37 against a previous-day closing price of $3.20. With 1.16 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.5 million shares. During the session, the Communication Equipment company that operates in wider Technology sector, reached to the highest price of $3.4700 whereas the lowest price it dropped to was $3.2600. The 52-week range on AKTS shows that it touched its highest point at $7.13 and its lowest point at $2.28 during that stretch. It currently has a 1-year price target of $7.25. Beta for the stock currently stands at 1.67.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of AKTS was down-trending over the past week, with a drop of -7.67%, but this was up by 18.66% over a month. Three-month performance surged to 36.99% while six-month performance fell -14.68%. The stock lost -33.79% in the past year, while it has gained 19.50% so far this year. A look at the trailing 12-month EPS for AKTS yields -1.18 with Next year EPS estimates of -0.59. For the next quarter, that number is -0.25. This implies an EPS growth rate of -7.50% for this year and 39.20% for next year.
Float and Shares Shorts:
At present, 57.15 million AKTS shares are outstanding with a float of 54.83 million shares on hand for trading. On Oct 13, 2022, short shares totaled 4.92 million, which was 8.58% higher than short shares on Sep 14, 2022. In addition to Mr. Jeffrey B. Shealy as the firm’s Founder, Pres, CEO & Director, Mr. Kenneth E. Boller serves as its CFO & Corp. Controller.
Through their ownership of 52.12% of AKTS’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 30.23% of AKTS, in contrast to 17.60% held by mutual funds. Shares owned by individuals account for 10.08%. As the largest shareholder in AKTS with 5.07% of the stake, BlackRock Fund Advisors holds 2,916,033 shares worth 2,916,033. A second-largest stockholder of AKTS, The Vanguard Group, Inc., holds 2,524,781 shares, controlling over 4.39% of the firm’s shares. Elemental Capital Partners LLC is the third largest shareholder in AKTS, holding 2,499,243 shares or 4.35% stake. With a 2.89% stake in AKTS, the Vanguard Total Stock Market Index is the largest stakeholder. A total of 1,659,890 shares are owned by the mutual fund manager. The Needham Small Cap Growth Fund, which owns about 2.26% of AKTS stock, is the second-largest Mutual Fund holder. It holds 1,300,000 shares valued at 3.67 million. iShares Russell 2000 ETF holds 1.93% of the stake in AKTS, owning 1,109,163 shares worth 3.13 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for AKTS since 5 analysts follow the stock currently. There are 5 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With AKTS analysts setting a high price target of $10.00 and a low target of $5.00, the average target price over the next 12 months is $7.65. Based on these targets, AKTS could surge 196.74% to reach the target high and rise by 48.37% to reach the target low. Reaching the average price target will result in a growth of 127.0% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. AKTS will report FY 2023 earnings on 08/28/2023. Analysts have provided yearly estimates in a range of -$0.91 being high and -$1.32 being low. For AKTS, this leads to a yearly average estimate of -$1.06. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Akoustis Technologies Inc. surprised analysts by -$0.07 when it reported -$0.33 EPS against a consensus estimate of -$0.27. The surprise factor in the prior quarter was -$0.08. Based on analyst estimates, the high estimate for the next quarter is -$0.23 and the low estimate is -$0.33. The average estimate for the next quarter is thus -$0.27.
Summary of Insider Activity:
Insiders traded AKTS stock several times over the past three months with 7 Buys and 7 Sells. In these transactions, 328,769 shares were bought while 17,020 shares were sold. The number of buy transactions has increased to 13 while that of sell transactions has risen to 17 over the past year. The total number of shares bought during that period was 409,582 while 55,213 shares were sold.