Concert Wealth Management Inc. Takes Position in Resonant Inc. (RESN)
Concert Wealth Management Inc. acquired a new position in shares of Resonant Inc. (NASDAQ:RESN) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 348,202 shares of the semiconductor company’s stock, valued at approximately $1,542,000. Resonant makes up about 1.5% of Concert Wealth Management Inc.’s investment portfolio, making the stock its 11th biggest position. Concert Wealth Management Inc. owned 2.40% of Resonant at the end of the most recent quarter.
Separately, Leisure Capital Management increased its position in shares of Resonant by 25.2% during the second quarter. Leisure Capital Management now owns 64,574 shares of the semiconductor company’s stock worth $286,000 after acquiring an additional 13,003 shares during the last quarter. Institutional investors and hedge funds own 5.08% of the company’s stock.
In related news, Director John E. Major bought 20,000 shares of Resonant stock in a transaction that occurred on Tuesday, August 15th. The stock was acquired at an average price of $4.36 per share, for a total transaction of $87,200.00. Following the completion of the purchase, the director now owns 95,978 shares in the company, valued at $418,464.08. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 22.30% of the stock is currently owned by company insiders.
Shares of Resonant Inc. (RESN) traded up 2.65% during mid-day trading on Friday, hitting $5.03. The stock had a trading volume of 42,646 shares. The company’s market cap is $73.93 million. Resonant Inc. has a one year low of $3.82 and a one year high of $6.76. The firm’s 50 day moving average price is $4.59 and its 200-day moving average price is $4.65.
Resonant (NASDAQ:RESN) last released its earnings results on Wednesday, August 9th. The semiconductor company reported ($0.29) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.26) by $0.03. Resonant had a negative net margin of 3,119.05% and a negative return on equity of 150.42%. The company had revenue of $0.22 million during the quarter, compared to the consensus estimate of $0.10 million. On average, equities research analysts anticipate that Resonant Inc. will post ($1.11) earnings per share for the current fiscal year.
RESN has been the topic of a number of analyst reports. Zacks Investment Research raised Resonant from a “hold” rating to a “buy” rating and set a $5.25 target price on the stock in a research report on Wednesday, June 28th. Drexel Hamilton reaffirmed a “buy” rating and set a $8.00 target price on shares of Resonant in a research report on Friday, June 23rd. Finally, HC Wainwright set a $8.00 target price on Resonant and gave the stock a “buy” rating in a research report on Thursday, August 10th.
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Resonant Inc is a late-stage development company. The Company creates filter designs for radio frequency (RF) front-ends for the mobile device industry. The RF front-end is the circuitry in a mobile device for analog signal processing and is located between the device’s antenna and its digital baseband.
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