Wall Street brokerages predict that AXT Inc (NASDAQ:AXTI) will post sales of $26.70 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for AXT’s earnings, with the lowest sales estimate coming in at $26.50 million and the highest estimate coming in at $26.90 million. AXT reported sales of $20.27 million in the same quarter last year, which indicates a positive year over year growth rate of 31.7%. The firm is scheduled to announce its next earnings results after the market closes on Wednesday, February 21st.
On average, analysts expect that AXT will report full year sales of $26.70 million for the current year, with estimates ranging from $98.80 million to $99.24 million. For the next financial year, analysts anticipate that the business will post sales of $118.79 million per share, with estimates ranging from $117.58 million to $120.40 million. Zacks’ sales averages are an average based on a survey of analysts that follow AXT.
AXTI has been the topic of several research reports. Zacks Investment Research downgraded shares of AXT from a “buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price objective (up from $10.00) on shares of AXT in a research note on Thursday, October 26th. BidaskClub downgraded shares of AXT from a “buy” rating to a “hold” rating in a research note on Friday, January 26th. Finally, B. Riley increased their price objective on shares of AXT from $8.50 to $8.75 and gave the stock a “neutral” rating in a research note on Thursday, October 26th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. AXT presently has a consensus rating of “Buy” and an average price target of $9.90.
In other AXT news, CEO Morris S. Young sold 30,000 shares of the stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $9.76, for a total transaction of $292,800.00. Following the sale, the chief executive officer now directly owns 1,211,970 shares in the company, valued at $11,828,827.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Gary L. Fischer sold 20,000 shares of the stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $9.16, for a total transaction of $183,200.00. Following the sale, the chief financial officer now owns 84,515 shares in the company, valued at $774,157.40. The disclosure for this sale can be found here. Insiders have sold 75,250 shares of company stock worth $701,735 over the last quarter. Corporate insiders own 6.90% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Systematic Financial Management LP lifted its holdings in shares of AXT by 21.4% in the fourth quarter. Systematic Financial Management LP now owns 829,129 shares of the semiconductor company’s stock worth $7,213,000 after acquiring an additional 146,418 shares during the last quarter. Royce & Associates LP lifted its holdings in shares of AXT by 16.9% in the fourth quarter. Royce & Associates LP now owns 1,076,809 shares of the semiconductor company’s stock worth $9,368,000 after acquiring an additional 155,500 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in shares of AXT in the fourth quarter worth about $478,000. Capital Fund Management S.A. bought a new position in shares of AXT in the fourth quarter worth about $126,000. Finally, Granite Point Capital Management L.P. lifted its holdings in shares of AXT by 309.5% in the fourth quarter. Granite Point Capital Management L.P. now owns 172,000 shares of the semiconductor company’s stock worth $1,496,000 after acquiring an additional 130,000 shares during the last quarter. Hedge funds and other institutional investors own 58.95% of the company’s stock.
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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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