Needham Believes Resonant (NASDAQ: RESN) Still Has Room to Grow

Needham analyst Rajvindra Gill assigned a Buy rating to Resonant (RESNResearch Report) today and set a price target of $6.25. The company’s shares closed last Thursday at $4.90, close to its 52-week high of $5.49.

According to TipRanks.com, Gill is a 5-star analyst with an average return of 11.5% and a 64.9% success rate. Gill covers the Technology sector, focusing on stocks such as Sequans Communications S A, Smart Global Holdings, and Everspin Technologies.

Currently, the analyst consensus on Resonant is a Moderate Buy with an average price target of $5.13, implying a -4.5% downside from current levels. In a report issued on January 4, H.C. Wainwright also maintained a Buy rating on the stock with a $4.00 price target.

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Resonant’s market cap is currently $287.7M and has a P/E ratio of -6.90. The company has a Price to Book ratio of 15.18.

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Resonant, Inc. operates as a development-stage company, which engages in the creation of filter designs for radio frequency front-ends for the mobile device industry. Its products include the Infinite Synthesized Networks. Infinite Synthesized Networks designs complex filter products. The company was founded by Neal Fenzi and Robert B. Hammond in January 2012 and is headquartered in Goleta, CA.