AXT’s (AXTI) Buy Rating Reiterated at Needham & Company LLC
AXT Inc (NASDAQ:AXTI)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a report issued on Sunday. They currently have a $10.00 target price on the semiconductor company’s stock. Needham & Company LLC’s price target would suggest a potential upside of 13.64% from the company’s current price.
Several other research firms have also commented on AXTI. Dougherty & Co reaffirmed a “buy” rating on shares of AXT in a research report on Saturday, June 17th. B. Riley reiterated a “neutral” rating and issued a $7.00 target price on shares of AXT in a research note on Friday, July 21st. BWS Financial lifted their target price on AXT from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, July 27th. Zacks Investment Research upgraded AXT from a “hold” rating to a “buy” rating and set a $9.75 target price on the stock in a research note on Friday. Finally, BidaskClub upgraded AXT from a “hold” rating to a “buy” rating in a research note on Thursday, July 13th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $9.21.
Shares of AXT (NASDAQ:AXTI) opened at 8.80 on Friday. AXT has a 52-week low of $4.35 and a 52-week high of $9.50. The firm has a 50-day moving average price of $7.91 and a 200 day moving average price of $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 released its quarterly earnings results on Wednesday, July 26th. The semiconductor company reported $0.05 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 firm’s revenue was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 earnings per share. Analysts expect that AXT will post $0.24 earnings per share for the current year.
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In other AXT news, Director David C. Chang sold 9,000 shares of AXT stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $8.80, for a total value of $79,200.00. Following the transaction, the director now directly 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 available at the SEC website. 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 value 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 $10,360,728. The disclosure for this sale can be found here. Company insiders own 6.90% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Voya Investment Management LLC purchased a new position in shares of AXT in the 2nd quarter valued at approximately $100,000. Gotham Asset Management LLC purchased a new stake in shares of AXT in the first quarter valued at approximately $101,000. SG Americas Securities LLC purchased a new stake in shares of AXT in the first quarter valued at approximately $105,000. Sanctuary Wealth Advisors LLC purchased a new stake in shares of AXT in the first quarter valued at approximately $116,000. Finally, Nationwide Fund Advisors boosted its stake in shares of AXT by 278.0% in the second quarter. Nationwide Fund Advisors now owns 28,407 shares of the semiconductor company’s stock valued at $180,000 after buying an additional 20,892 shares in the last quarter. Institutional investors own 61.87% of the company’s stock.
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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