Resonant Receives a Buy from Drexel Hamilton

By Austin Angelo

In a report released today, Cody Acree from Drexel Hamilton reiterated a Buy rating on Resonant (NASDAQ: RESN), with a price target of $8. The company’s shares closed yesterday at $4.61.

Acree wrote:

“We note that Resonant’s licensing revenue is derived from customer volume reports that are due to Resonant 15 days following the end of each quarter.”

According to TipRanks.com, Acree is a top 100 analyst with an average return of 25.0% and a 72.6% success rate. Acree covers the Consumer Goods sector, focusing on stocks such as Advanced Micro Devices, Stmicroelectronics NV, and Silicon Laboratories.

Currently, the analyst consensus on Resonant is Moderate Buy and the average price target is $8, representing a 73.5% upside.

In a report issued on June 12, H.C. Wainwright also reiterated a Buy rating on the stock.

Based on Resonant’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $156K and GAAP net loss of $4.89 million. In comparison, last year the company earned revenue of $27K and had a GAAP net loss of $3.08 million.

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Resonant, Inc. operates as a development-stage company creating filter designs for radio frequency front-ends for the mobile device industry. It provides fundamentally new technology called Infinite Synthesized Networks to configure resonators, the building blocks of RF filters. The company was founded by Neal Fenzi and Robert B. Hammond in January 2012 and is headquartered in Santa Barbara, CA.,00FKP5-E