Why Akoustis Technologies, Inc. (AKTS)’s Stock Is Melting Down -4.77% Today

Today’s big question for investors is, “what’s going on with Akoustis Technologies, Inc. (NASDAQ:AKTS) stock? Its price is nose-diving -0.38 points, trading at $7.59 levels, and is down -4.77% from its previous close of $7.97. The shares seem to have an active trading volume day with a reported 204650 contracts so far this session. AKTS shares had a relatively better volume day versus average trading capacity of 351.13 thousand shares, but with a 22.81 million float and a -0.87% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for AKTS stock indicates that the average analyst price target is $9.8 per share. This means the stock has a potential increase of 29.12% from where the AKTS share price has been trading recently which is between $7.7148 and $8.03. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $7.4.

The shorts are climbing into Akoustis Technologies, Inc. (AKTS) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a rise in short interest in AKTS shares. While short interest still represents only 12.92% of AKTS’s float, the number of shares shorted have risen by 63663. The number of shares shorted advanced to 3010268 shares, up from 2946605 shares during the preceding fortnight. With average daily trading volumes at 218006 shares, days to cover increased to about 10.36439 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Akoustis (AKTS) Catches Eye: Stock Jumps 8.3%” and dated May 14, 2019.

During the recent trading session for Akoustis Technologies, Inc. (NASDAQ:AKTS), the company witnessed their stock drop by $-0.61 over a week and surge $0.71 from the price 20 days ago. When compared to their established 52-week high of $9.5, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 07/05/18. The recent low of $3.4 stood for a -20.11% since 11/06/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0.99 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Akoustis Technologies, Inc., the two-week RSI stands at 53.63. This figure suggests that AKTS stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current AKTS readings is similarly very revealing as it has a stochastic reading of 56.19% at this stage. This figure means that AKTS share price today is being neutral.

Technical chart claims that Akoustis Technologies, Inc. (AKTS) would settle between $8.1/share to $8.22/share level. However, if the stock price goes below the $7.78 mark, then the market for Akoustis Technologies, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $7.59 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.3. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at Craig Hallum lifted target price for shares of AKTS but were stick to Buy recommendation for the stock in their opinion released on May 13. The price target has been raised from $10 to $12. Craig Hallum analysts again handed out a Buy recommendation to Akoustis Technologies, Inc. (NASDAQ:AKTS) stock but they lifted target price for the shares in a flash note issued to investors on February 05. The target price has been raised from $8 to $10. Analysts at Northland Capital lowered the stock to a Market Perform call from its previous Outperform recommendation, in a research note that dated back to February 05.

AKTS equity has an average rating of 1.88, with the figure leaning towards a bullish end. 8 analysts who tracked the company were contacted by Reuters. Amongst them, 1 rated the stock as a hold while the remaining 7 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 7 analysts rated Akoustis Technologies, Inc. (NASDAQ:AKTS) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, AKTS stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 227.77 while for the average stock in the same group, the multiple is 8.36.