Zacks Investment Research upgraded shares of AXT Inc (NASDAQ:AXTI) from a hold rating to a buy rating in a research note published on Wednesday morning. The firm currently has $10.00 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. “
Several other brokerages have also recently weighed in on AXTI. B. Riley restated a neutral rating and set a $7.00 target price on shares of AXT in a report on Friday, July 21st. BWS Financial boosted their target price on AXT from $10.00 to $12.00 and gave the stock a buy rating in a report on Thursday, July 27th. BidaskClub upgraded AXT from a hold rating to a buy rating in a report on Thursday, July 13th. Finally, Needham & Company LLC restated a buy rating and set a $10.00 target price on shares of AXT in a report on Sunday, September 17th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $9.95.
Shares of AXT (AXTI) traded up 6.18% during midday trading on Wednesday, reaching $9.45. The company’s stock had a trading volume of 775,963 shares. The stock’s 50 day moving average price is $8.85 and its 200 day moving average price is $7.49. AXT has a one year low of $4.35 and a one year high of $9.70. The firm has a market cap of $362.66 million, a price-to-earnings ratio of 47.25 and a beta of 1.16.
AXT (NASDAQ:AXTI) last issued its earnings results on Wednesday, October 25th. The semiconductor company reported $0.11 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.02. The business had revenue of $28.17 million for the quarter, compared to analysts’ expectations of $27.05 million. AXT had a return on equity of 4.61% and a net margin of 8.15%. The business’s revenue for the quarter was up 28.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.07 EPS. Analysts predict 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 AXT stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $8.80, for a total transaction of $79,200.00. Following the sale, 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 filing with the SEC, which can be accessed through this link. Also, CEO Morris S. Young sold 92,896 shares of AXT stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $8.54, for a total transaction of $793,331.84. Following the sale, 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. Insiders own 6.90% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in shares of AXT by 12.1% during the 1st quarter. Geode Capital Management LLC now owns 215,960 shares of the semiconductor company’s stock valued at $1,252,000 after buying an additional 23,341 shares during the period. BlueCrest Capital Management Ltd purchased a new stake in shares of AXT during the 1st quarter valued at approximately $173,000. Royce & Associates LP raised its position in shares of AXT by 13.5% during the 2nd quarter. Royce & Associates LP now owns 918,980 shares of the semiconductor company’s stock valued at $5,836,000 after buying an additional 109,237 shares during the period. Goldman Sachs Group Inc. raised its position in shares of AXT by 216.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 155,687 shares of the semiconductor company’s stock valued at $903,000 after buying an additional 106,426 shares during the period. Finally, Rhumbline Advisers purchased a new stake in shares of AXT during the 2nd quarter valued at approximately $253,000. 61.87% of the stock is currently owned by hedge funds and other 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.