Resonant Inc. (NASDAQ:RESN – Get Rating) was the target of a significant drop in short interest in February. As of February 28th, there was short interest totalling 3,900,000 shares, a drop of 31.2% from the February 13th total of 5,670,000 shares. Approximately 6.7% of the shares of the stock are short sold. Based on an average trading volume of 1,880,000 shares, the days-to-cover ratio is presently 2.1 days.
Shares of Resonant stock opened at $4.42 on Monday. The business’s 50 day moving average price is $2.58 and its 200 day moving average price is $2.40. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.12 and a current ratio of 3.12. The company has a market cap of $290.44 million, a price-to-earnings ratio of -7.75 and a beta of 1.24. Resonant has a one year low of $1.18 and a one year high of $5.06.
A number of hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC increased its stake in Resonant by 12.6% during the fourth quarter. NewEdge Advisors LLC now owns 28,699 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 3,213 shares during the last quarter. LPL Financial LLC increased its stake in Resonant by 15.3% during the fourth quarter. LPL Financial LLC now owns 68,550 shares of the semiconductor company’s stock worth $117,000 after acquiring an additional 9,100 shares during the last quarter. Moors & Cabot Inc. acquired a new stake in Resonant during the third quarter worth $25,000. Boothbay Fund Management LLC acquired a new stake in Resonant during the second quarter worth $35,000. Finally, Sigma Planning Corp increased its stake in Resonant by 6.3% during the third quarter. Sigma Planning Corp now owns 197,550 shares of the semiconductor company’s stock worth $478,000 after acquiring an additional 11,750 shares during the last quarter. 21.63% of the stock is owned by institutional investors.
Several equities analysts have recently weighed in on RESN shares. Zacks Investment Research upgraded Resonant from a “sell” rating to a “hold” rating in a research report on Wednesday, January 12th. HC Wainwright downgraded Resonant from a “buy” rating to a “neutral” rating in a research report on Friday, February 18th. Benchmark downgraded Resonant from a “buy” rating to a “hold” rating in a research report on Wednesday, February 16th. Stifel Nicolaus downgraded Resonant from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $5.50 to $4.50 in a research report on Tuesday, February 15th. Finally, Craig Hallum downgraded Resonant from a “buy” rating to a “hold” rating and set a $4.50 price objective on the stock. in a research report on Tuesday, February 15th. Six investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $5.25.
Resonant Company Profile
Resonant, Inc engages in the creation of filter designs for radio frequency front-ends for the mobile device industry. It focuses on developing its software platform, Infinite Synthesized Networks. The company was founded by Neal Fenzi and Robert B. Hammond in January 2012 and is headquartered in Austin, TX.
