AXT Stock Price Up 9.3% Following Better-Than-Expected Earnings (AXTI)
AXT (NASDAQ:AXTI) shares rose 9.3% on Friday following a stronger than expected earnings report, American Banking News reports. The stock traded as high as $2.39 and last traded at $2.35, with a volume of 173,452 shares changing hands. The stock had previously closed at $2.15.
The company reported $0.01 EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.05) by $0.06. The company had revenue of $21.40 million for the quarter, compared to the consensus estimate of $18.90 million. During the same quarter in the prior year, the company posted ($0.06) earnings per share. The company’s quarterly revenue was down 10.2% on a year-over-year basis.
Separately, analysts at B. Riley reiterated a “neutral” rating on shares of AXT in a research note on Friday. They now have a $2.50 price target on the stock, up previously from $2.40.
The stock’s 50-day moving average is $2.12 and its 200-day moving average is $2.24. The company’s market cap is $74.4 million.
AXT, Inc (NASDAQ:AXTI) through its subsidiaries, is a developer and producer of compound and single element semiconductor substrates, including substrates made from gallium arsenide (GaAs), indium phosphide (InP) and germanium (Ge).
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