Why Is Akoustis Technologies (AKTS) Stock Up 158% Today?
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Akoustis Technologies (NASDAQ:AKTS) stock is rocketing higher on Wednesday alongside the rollout of design updates from the radio frequency (RF) filter manufacturing company.
Akoustis Technologies notes that it has redesigned its XBAW manufacturing process. This removes any features that were patented by Qorvo and affecting XBAW RF filters. The company says these changes go back to the fall of 2022.
Dave Aichele, executive vice president of Business Development at Akoustis Technologies, said the following about the news:
“While Akoustis is disappointed with the jury’s verdict, the Company prepared well in advance for all potential outcomes. Akoustis is well-prepared to move forward notwithstanding any injunction Qorvo may seek against the accused legacy versions of our products.”
AKTS Stock Movement Today
With today’s news comes heavy trading of AKTS stock. This has more than 80 million shares of AKTS changing hands as of this writing. That’s well above its daily average trading volume of about 1.2 million shares. Investors will note that its float is 93.24 million shares, with short interest sitting at 10.4%.
AKTS stock is up 157.8% as of Wednesday morning. However, the company’s shares were still down 82.8% year-to-date when markets closed yesterday.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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