AXT Inc (NASDAQ:AXTI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
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. “
AXTI has been the subject of a number of other reports. BidaskClub downgraded AXT from a “strong-buy” rating to a “buy” rating in a report on Monday, August 7th. B. Riley reissued a “neutral” rating and set a $8.50 price objective on shares of AXT in a research report on Thursday, July 27th. BWS Financial increased their price objective on shares of AXT from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, July 27th. Finally, Dougherty & Co reissued a “buy” rating on shares of AXT in a research report on Saturday, June 17th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. AXT presently has a consensus rating of “Buy” and a consensus target price of $9.04.
AXT (NASDAQ:AXTI) traded up 2.33% on Thursday, reaching $8.80. The company’s stock had a trading volume of 641,897 shares. The company has a market cap of $337.72 million, a P/E ratio of 44.00 and a beta of 1.13. The stock’s 50 day moving average price is $7.91 and its 200 day moving average price is $6.92. AXT has a 12 month low of $4.35 and a 12 month 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 for the quarter, hitting the Zacks’ consensus estimate of $0.05. AXT had a return on equity of 4.61% and a net margin of 8.15%. The firm had revenue of $23.56 million during the quarter, compared to the consensus estimate of $22.55 million. During the same period last year, the business posted $0.03 EPS. The business’s revenue was up 14.9% compared to the same quarter last year. Equities research analysts forecast that AXT will post $0.24 earnings per share for the current year.
In other news, Director David C. Chang sold 9,000 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $8.80, for a total transaction of $79,200.00. Following the transaction, the director now owns 164,807 shares of the company’s stock, valued at approximately $1,450,301.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Morris S. Young sold 92,896 shares of the stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $8.54, for a total transaction of $793,331.84. Following the transaction, the chief executive officer now directly owns 1,213,200 shares in the company, valued at approximately $10,360,728. The disclosure for this sale can be found here. 6.90% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in AXTI. Wells Fargo & Company MN boosted its position in shares of AXT by 34.2% during the 1st quarter. Wells Fargo & Company MN now owns 360,695 shares of the semiconductor company’s stock worth $2,092,000 after purchasing an additional 91,945 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of AXT by 314.4% during the 1st quarter. Bank of New York Mellon Corp now owns 148,703 shares of the semiconductor company’s stock worth $862,000 after purchasing an additional 112,818 shares in the last quarter. Ameriprise Financial Inc. bought a new position in shares of AXT during the 1st quarter worth about $1,054,000. TFS Capital LLC boosted its position in shares of AXT by 98.8% during the 1st quarter. TFS Capital LLC now owns 73,654 shares of the semiconductor company’s stock worth $427,000 after purchasing an additional 36,597 shares in the last quarter. Finally, Alambic Investment Management L.P. boosted its position in shares of AXT by 86.9% during the 1st quarter. Alambic Investment Management L.P. now owns 143,811 shares of the semiconductor company’s stock worth $834,000 after purchasing an additional 66,879 shares in the last quarter. 61.87% of the stock is currently owned by institutional investors.
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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