Akoustis Technologies Inc (AKTS) Sees Large Increase in Short Interest

Akoustis Technologies Inc (NASDAQ:AKTS) was the target of a large increase in short interest in November. As of November 15th, there was short interest totalling 1,553,844 shares, an increase of 62.1% from the October 31st total of 958,759 shares. Based on an average trading volume of 775,636 shares, the days-to-cover ratio is currently 2.0 days. Currently, 7.0% of the company’s shares are short sold.

In related news, Director Jeffrey Mcmahon sold 3,230 shares of the company’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $8.24, for a total value of $26,615.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP David Aichele sold 10,175 shares of the company’s stock in a transaction that occurred on Friday, October 5th. The shares were sold at an average price of $7.15, for a total transaction of $72,751.25. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,753 shares of company stock valued at $342,347. 22.60% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in AKTS. CQS Cayman LP acquired a new position in Akoustis Technologies in the 3rd quarter valued at approximately $2,469,000. Mission Wealth Management LP acquired a new position in Akoustis Technologies in the 3rd quarter valued at approximately $2,361,000. Millennium Management LLC increased its stake in Akoustis Technologies by 145.4% in the 2nd quarter. Millennium Management LLC now owns 301,087 shares of the technology company’s stock valued at $2,189,000 after buying an additional 178,419 shares during the period. Salem Investment Counselors Inc. increased its stake in Akoustis Technologies by 3,061.7% in the 2nd quarter. Salem Investment Counselors Inc. now owns 142,275 shares of the technology company’s stock valued at $1,034,000 after buying an additional 137,775 shares during the period. Finally, MYDA Advisors LLC acquired a new position in Akoustis Technologies in the 2nd quarter valued at approximately $611,000. Hedge funds and other institutional investors own 13.03% of the company’s stock.

Akoustis Technologies stock opened at $5.00 on Friday. The company has a current ratio of 4.81, a quick ratio of 4.79 and a debt-to-equity ratio of 1.30. Akoustis Technologies has a twelve month low of $3.40 and a twelve month high of $9.50.

Several brokerages recently commented on AKTS. Lake Street Capital began coverage on shares of Akoustis Technologies in a research report on Friday. They issued a “buy” rating and a $10.00 price target for the company. Loop Capital reduced their price target on shares of Akoustis Technologies from $15.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, November 2nd. Piper Jaffray Companies began coverage on shares of Akoustis Technologies in a research report on Wednesday, October 10th. They issued a “buy” rating and a $10.00 price target for the company. Finally, Oppenheimer started coverage on shares of Akoustis Technologies in a research report on Thursday, August 30th. They issued an “outperform” rating and a $10.00 price target for the company. Seven research analysts have rated the stock with a buy rating, Akoustis Technologies has a consensus rating of “Buy” and a consensus price target of $11.21.

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About Akoustis Technologies

Akoustis Technologies, Inc, through its subsidiary, Akoustis, Inc, develops, designs, manufactures, and sells radio frequency (RF) filter products for the mobile wireless device industries in the United States. The company operates through two segments, Foundry Fabrication Services and RF Filters. The Foundry Fabrication Services segment provides engineering review services; and smart systems technology and commercialization center foundry, as well as manufacturing and microelectromechanical systems foundry services.

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