Resonant (RESN) Reaches New 1-Year Low After Analyst Downgrade

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Shares of Resonant Inc (NASDAQ:RESN) hit a new 52-week low during mid-day trading on Wednesday after Loop Capital lowered their price target on the stock to $7.00. Loop Capital currently has a buy rating on the stock. Resonant traded as low as $1.69 and last traded at $1.79, with a volume of 32406 shares. The stock had previously closed at $2.89.

Other analysts also recently issued research reports about the company. National Securities set a $8.00 price target on Resonant and gave the stock a “buy” rating in a report on Wednesday. HC Wainwright set a $8.00 price target on Resonant and gave the stock a “buy” rating in a report on Wednesday. Finally, Zacks Investment Research raised Resonant from a “sell” rating to a “hold” rating in a report on Thursday, October 11th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $6.83.

In related news, CEO George B. Holmes sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 2nd. The stock was sold at an average price of $3.69, for a total value of $25,830.00. Following the sale, the chief executive officer now directly owns 262,481 shares in the company, valued at approximately $968,554.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 11.70% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of the company. Baird Financial Group Inc. increased its position in shares of Resonant by 3.7% during the 3rd quarter. Baird Financial Group Inc. now owns 614,330 shares of the semiconductor company’s stock valued at $2,365,000 after purchasing an additional 21,886 shares during the period. Northern Trust Corp increased its position in shares of Resonant by 122.2% during the 2nd quarter. Northern Trust Corp now owns 47,423 shares of the semiconductor company’s stock valued at $267,000 after purchasing an additional 26,076 shares during the period. Sterling Capital Management LLC acquired a new position in shares of Resonant during the 2nd quarter valued at $282,000. MYDA Advisors LLC acquired a new position in shares of Resonant during the 2nd quarter valued at $485,000. Finally, ClariVest Asset Management LLC acquired a new position in shares of Resonant during the 2nd quarter valued at $1,008,000. Institutional investors own 20.25% of the company’s stock.

The stock has a market cap of $78.79 million, a PE ratio of -1.42 and a beta of 1.13.

Resonant (NASDAQ:RESN) last issued its quarterly earnings results on Tuesday, November 13th. The semiconductor company reported ($0.17) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.17). Resonant had a negative return on equity of 83.23% and a negative net margin of 4,330.47%. The company had revenue of $0.12 million for the quarter, compared to analysts’ expectations of $0.50 million. As a group, research analysts forecast that Resonant Inc will post -0.78 earnings per share for the current fiscal year.

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About Resonant (NASDAQ:RESN)

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

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