Resonant (NASDAQ:RESN) Stock Rating Lowered by Zacks Investment Research

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Zacks Investment Research cut shares of Resonant (NASDAQ:RESN) from a buy rating to a hold rating in a research report report published on Wednesday, Zacks.com reports.

According to Zacks, “Resonant Inc. is a development-stage company. It creates filter designs for radio frequency front-ends for the mobile device industry. The Company’s product configures resonators, the building blocks of RF filters to select desired radio frequency signals and reject unwanted signals. Resonant Inc. is based in Santa Barbara, California. “

A number of other equities analysts have also recently weighed in on the company. Needham & Company LLC reissued a buy rating and issued a $4.50 price target on shares of Resonant in a report on Wednesday, November 6th. HC Wainwright reissued a buy rating and issued a $4.00 price target on shares of Resonant in a report on Monday, October 14th.

RESN traded up $0.01 during trading on Wednesday, reaching $2.43. 59,158 shares of the stock were exchanged, compared to its average volume of 135,825. The business’s 50 day moving average price is $2.16 and its two-hundred day moving average price is $2.49. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.98 and a quick ratio of 2.98. The company has a market capitalization of $78.73 million, a price-to-earnings ratio of -2.48 and a beta of 2.28. Resonant has a 1 year low of $1.63 and a 1 year high of $4.00.

Resonant (NASDAQ:RESN) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported ($0.26) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.06). The firm had revenue of $0.08 million for the quarter, compared to analysts’ expectations of $0.20 million. Resonant had a negative return on equity of 169.75% and a negative net margin of 7,167.08%. On average, analysts anticipate that Resonant will post -0.93 EPS for the current year.

In other news, CFO Martin S. Mcdermut sold 16,460 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $2.14, for a total value of $35,224.40. Following the completion of the transaction, the chief financial officer now directly owns 108,012 shares of the company’s stock, valued at $231,145.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO George B. Holmes sold 33,385 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $2.11, for a total value of $70,442.35. Following the completion of the transaction, the chief executive officer now directly owns 334,654 shares of the company’s stock, valued at $706,119.94. The disclosure for this sale can be found here. Over the last three months, insiders sold 81,003 shares of company stock valued at $174,344. Insiders own 26.60% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Morgan Stanley raised its holdings in shares of Resonant by 142.2% in the second quarter. Morgan Stanley now owns 502,029 shares of the semiconductor company’s stock worth $1,194,000 after acquiring an additional 294,717 shares during the last quarter. Vanguard Group Inc. increased its stake in Resonant by 8.4% in the second quarter. Vanguard Group Inc. now owns 807,528 shares of the semiconductor company’s stock valued at $1,922,000 after purchasing an additional 62,341 shares during the last quarter. Private Advisor Group LLC increased its stake in Resonant by 34.8% in the second quarter. Private Advisor Group LLC now owns 19,985 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 5,156 shares during the last quarter. Finally, BlackRock Inc. increased its stake in Resonant by 441.1% in the second quarter. BlackRock Inc. now owns 354,507 shares of the semiconductor company’s stock valued at $843,000 after purchasing an additional 288,991 shares during the last quarter. 10.25% of the stock is owned by institutional investors.

About Resonant

Resonant Inc, a late-stage development company, designs and develops filter designs for radio frequency (RF) front-ends used in the mobile device industry in the United States. It uses Infinite Synthesized Networks technology, a software platform that is used to configure and connect resonators, the building blocks of RF filters.

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