Zacks Investment Research upgraded shares of AXT Inc (NASDAQ:AXTI) from a hold rating to a buy rating in a report released on Friday morning. They currently have $9.75 price objective 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 stock. BidaskClub downgraded shares of AXT from a strong-buy rating to a buy rating in a report on Monday, August 7th. Dougherty & Co reaffirmed a buy rating on shares of AXT in a report on Saturday, June 17th. BWS Financial raised their price target on shares of AXT from $10.00 to $12.00 and gave the company a buy rating in a report on Thursday, July 27th. Finally, B. Riley reaffirmed a neutral rating and set a $8.50 price target on shares of AXT in a report on Thursday, July 27th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $9.04.
Shares of AXT (AXTI) traded up 2.33% during mid-day trading on Friday, reaching $8.80. 641,897 shares of the company’s stock traded hands. AXT has a 12-month low of $4.35 and a 12-month high of $9.50. The firm’s 50 day moving average price is $7.91 and its 200-day moving average price is $6.92. The stock has a market cap of $337.72 million, a price-to-earnings ratio of 44.00 and a beta of 1.13.
AXT (NASDAQ:AXTI) last announced its quarterly earnings results on Wednesday, July 26th. The semiconductor company reported $0.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.05. The firm had revenue of $23.56 million for the quarter, compared to the consensus estimate of $22.55 million. AXT had a net margin of 8.15% and a return on equity of 4.61%. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 EPS. Equities research analysts forecast that AXT will post $0.24 earnings per share for the current year.
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In related news, Director David C. Chang sold 9,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $8.80, for a total value of $79,200.00. Following the transaction, the director now owns 164,807 shares of the company’s stock, valued at $1,450,301.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Morris S. Young sold 92,896 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $8.54, for a total transaction of $793,331.84. Following the completion of 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. Company insiders own 6.90% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. BlueCrest Capital Management Ltd purchased a new position in shares of AXT in the first quarter worth approximately $173,000. Geode Capital Management LLC boosted its holdings in shares of AXT by 12.1% in the first quarter. Geode Capital Management LLC now owns 215,960 shares of the semiconductor company’s stock worth $1,252,000 after buying an additional 23,341 shares during the last quarter. Alambic Investment Management L.P. boosted its holdings in shares of AXT by 86.9% in the first quarter. Alambic Investment Management L.P. now owns 143,811 shares of the semiconductor company’s stock worth $834,000 after buying an additional 66,879 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of AXT by 216.0% in the first quarter. Goldman Sachs Group Inc. now owns 155,687 shares of the semiconductor company’s stock worth $903,000 after buying an additional 106,426 shares during the last quarter. Finally, Royce & Associates LP boosted its holdings in shares of AXT by 13.5% in the second quarter. Royce & Associates LP now owns 918,980 shares of the semiconductor company’s stock worth $5,836,000 after buying an additional 109,237 shares during the last quarter. 61.87% of the stock is currently owned by institutional investors.
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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