AXT Inc (AXTI) Upgraded to “Buy” by Zacks Investment Research
AXT Inc (NASDAQ:AXTI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $8.50 target price on the semiconductor company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 11.84% from the company’s previous close.
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. “
A number of other equities analysts have also issued reports on AXTI. B. Riley reissued a “neutral” rating and set a $7.00 price target on shares of AXT in a report on Wednesday, April 26th. Dougherty & Co reiterated a “buy” rating on shares of AXT in a research report on Saturday, June 17th. BidaskClub upgraded shares of AXT from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 1st. BWS Financial lifted their price target on shares of AXT from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, July 27th. Finally, Needham & Company LLC lifted their price objective 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 company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $8.83.
AXT (NASDAQ AXTI) traded up 0.66% during mid-day trading on Friday, reaching $7.60. The company’s stock had a trading volume of 237,736 shares. The stock’s 50 day moving average is $7.45 and its 200 day moving average is $6.73. The firm has a market cap of $291.67 million, a PE ratio of 38.00 and a beta of 1.08. AXT has a one year low of $3.80 and a one year high of $9.50.
AXT (NASDAQ:AXTI) last issued its quarterly earnings data on Wednesday, July 26th. The semiconductor company reported $0.05 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.05. The company had revenue of $23.56 million for the quarter, compared to analyst estimates of $22.55 million. AXT had a return on equity of 4.61% and a net margin of 8.15%. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.03 earnings per share. On average, analysts anticipate that AXT will post $0.24 EPS for the current year.
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In other AXT news, Director David C. Chang sold 9,000 shares of the business’s stock in a transaction 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 in the company, valued at approximately $1,450,301.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Morris S. Young sold 92,896 shares of the business’s stock in a transaction 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 owns 1,213,200 shares in the company, valued at approximately $10,360,728. The disclosure for this sale can be found here. Insiders sold a total of 109,396 shares of company stock worth $924,507 in the last quarter. 6.90% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the stock. Gotham Asset Management LLC raised its stake 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. raised its stake 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 raised its stake 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 stake in shares of AXT during the second quarter worth about $100,000. Finally, SG Americas Securities LLC bought a new stake in shares of AXT during the first quarter worth about $105,000. Institutional investors and hedge funds 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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