Zacks Investment Research upgraded shares of AXT Inc (NASDAQ:AXTI) from a hold rating to a buy rating in a research note issued to investors on Friday morning. They currently have $8.50 target price on the semiconductor company’s stock.
According to Zacks, “AXT, Inc., designs, develops, manufactures and distributes high-performance compound semiconductor substrates, as well as opto-electronic semiconductor devices such as high-brightness light emitting devices, and vertical cavity surface emitting lasers. “
Other analysts also recently issued research reports about the company. B. Riley restated a neutral rating and issued a $8.50 target price on shares of AXT in a research report on Tuesday, August 1st. BidaskClub downgraded AXT from a strong-buy rating to a buy rating in a research report on Monday, August 7th. Dougherty & Co restated a buy rating on shares of AXT in a research report on Saturday, June 17th. BWS Financial boosted their target price on AXT from $10.00 to $12.00 and gave the stock a buy rating in a research report on Thursday, July 27th. Finally, Needham & Company LLC boosted their target price on AXT from $8.50 to $9.00 and gave the stock a buy rating in a research report on Thursday, April 27th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has an average rating of Buy and an average price target of $8.83.
AXT (NASDAQ:AXTI) opened at 7.60 on Friday. The firm’s 50-day moving average price is $7.48 and its 200 day moving average price is $6.74. The firm has a market cap of $291.67 million, a P/E ratio of 38.00 and a beta of 1.08. AXT has a 52 week low of $3.80 and a 52 week high of $9.50.
AXT (NASDAQ:AXTI) last issued its quarterly earnings results on Wednesday, July 26th. The semiconductor company reported $0.05 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.05. The firm had revenue of $23.56 million during the quarter, compared to the consensus estimate of $22.55 million. AXT had a return on equity of 4.61% and a net margin of 8.15%. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter last year, the company posted $0.03 EPS. Equities analysts forecast that AXT will post $0.24 earnings per share for the current fiscal year.
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In related news, VP Robert G. Ochrym sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $6.93, for a total value of $51,975.00. Following the completion of the sale, the vice president now owns 39,000 shares in the company, valued at approximately $270,270. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David C. Chang sold 9,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $8.80, for a total value of $79,200.00. Following the completion of the sale, the director now owns 164,807 shares of the company’s stock, valued at approximately $1,450,301.60. The disclosure for this sale can be found here. Insiders sold a total of 109,396 shares of company stock valued at $924,507 in the last 90 days. 6.90% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Gotham Asset Management LLC boosted its position in shares of AXT by 35.5% in the second quarter. Gotham Asset Management LLC now owns 23,601 shares of the semiconductor company’s stock worth $150,000 after buying an additional 6,182 shares during the period. Granite Point Capital Management L.P. boosted its position in shares of AXT by 17.5% in the second quarter. Granite Point Capital Management L.P. now owns 47,000 shares of the semiconductor company’s stock worth $298,000 after buying an additional 7,000 shares during the period. EAM Investors LLC boosted its position in shares of AXT by 1.6% in the first quarter. EAM Investors LLC now owns 672,506 shares of the semiconductor company’s stock worth $3,901,000 after buying an additional 10,399 shares during the period. Voya Investment Management LLC bought a new position in shares of AXT during the second quarter worth approximately $100,000. Finally, SG Americas Securities LLC bought a new position in shares of AXT during the first quarter worth approximately $105,000. Institutional investors own 56.73% of the company’s stock.
AXT Company Profile
AXT, Inc (AXT) is a developer and producer of compound and single element semiconductor substrates, also known as wafers. The dominant substrates used in producing semiconductor chips and other electronic circuits are made from silicon. The Company is engaged in the design, development, manufacture and distribution of compound semiconductor substrates and sale of materials.
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