Resonant (NASDAQ:RESN) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Resonant (NASDAQ:RESN) from a hold rating to a sell rating in a report published on Friday, 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. “

Other equities analysts also recently issued research reports about the company. HC Wainwright cut their price objective on Resonant from $8.00 to $4.00 and set a buy rating for the company in a research report on Wednesday, August 7th. Craig Hallum reiterated a buy rating and issued a $4.00 price objective (down previously from $5.00) on shares of Resonant in a research report on Thursday, May 9th. Finally, Needham & Company LLC set a $5.00 price objective on Resonant and gave the company a buy rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. Resonant presently has a consensus rating of Buy and a consensus price target of $5.60.

Shares of RESN opened at $2.85 on Friday. The stock has a fifty day moving average price of $2.37 and a two-hundred day moving average price of $2.79. The company has a debt-to-equity ratio of 0.20, a quick ratio of 5.50 and a current ratio of 3.11. Resonant has a 52-week low of $0.92 and a 52-week high of $5.53. The company has a market cap of $80.37 million, a price-to-earnings ratio of -2.91 and a beta of 2.49.

In other news, Director Michael J. Fox bought 396,000 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was bought at an average price of $2.53 per share, for a total transaction of $1,001,880.00. Following the completion of the transaction, the director now directly owns 62,925 shares in the company, valued at approximately $159,200.25. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 26.60% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Resonant by 8.4% during the second quarter. Vanguard Group Inc. now owns 807,528 shares of the semiconductor company’s stock worth $1,922,000 after purchasing an additional 62,341 shares during the period. Morgan Stanley grew its stake in shares of Resonant by 142.2% during the second quarter. Morgan Stanley now owns 502,029 shares of the semiconductor company’s stock worth $1,194,000 after purchasing an additional 294,717 shares during the period. BlackRock Inc. grew its stake in shares of Resonant by 441.1% during the second quarter. BlackRock Inc. now owns 354,507 shares of the semiconductor company’s stock worth $843,000 after purchasing an additional 288,991 shares during the period. Sigma Planning Corp grew its stake in shares of Resonant by 42.4% during the second quarter. Sigma Planning Corp now owns 248,250 shares of the semiconductor company’s stock worth $591,000 after purchasing an additional 73,900 shares during the period. Finally, Deutsche Bank AG grew its stake in shares of Resonant by 89,800.0% during the fourth quarter. Deutsche Bank AG now owns 89,900 shares of the semiconductor company’s stock worth $119,000 after purchasing an additional 89,800 shares during the period. Institutional investors own 10.16% of the company’s stock.

Resonant Company Profile

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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