Assenagon Asset Management S.A. Has $9.40 Million Stake in AXT Inc $AXTI

Assenagon Asset Management S.A. increased its position in AXT Inc (NASDAQ:AXTI) by 2,404.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 574,828 shares of the semiconductor company’s stock after buying an additional 551,876 shares during the quarter. Assenagon Asset Management S.A.’s holdings in AXT were worth $9,398,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Citadel Advisors LLC lifted its position in AXT by 339.6% in the 3rd quarter. Citadel Advisors LLC now owns 405,978 shares of the semiconductor company’s stock valued at $1,823,000 after acquiring an additional 313,618 shares in the last quarter. Penn Capital Management Company LLC bought a new position in shares of AXT in the third quarter valued at approximately $729,000. Destination Wealth Management bought a new position in AXT during the 3rd quarter valued at $458,000. Qube Research & Technologies Ltd grew its stake in shares of AXT by 39.7% in the 3rd quarter. Qube Research & Technologies Ltd now owns 205,822 shares of the semiconductor company’s stock worth $924,000 after acquiring an additional 58,542 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of AXT by 12,816.7% in the third quarter. Bank of America Corp DE now owns 52,571 shares of the semiconductor company’s stock valued at $236,000 after purchasing an additional 52,164 shares during the last quarter. Institutional investors own 49.52% of the company’s stock.

Wall Street Analysts Forecast Growth

AXTI has been the topic of several recent analyst reports. Northland Securities set a $20.00 target price on shares of AXT in a research report on Monday, December 22nd. Wall Street Zen raised AXT from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Needham & Company LLC cut AXT from a “buy” rating to a “hold” rating in a research report on Tuesday, January 20th. B. Riley Financial raised their price target on shares of AXT to $21.00 and gave the stock a “neutral” rating in a research note on Friday, February 20th. Finally, Craig Hallum reaffirmed a “buy” rating on shares of AXT in a research report on Friday, January 9th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $22.80.

AXT Price Performance

AXTI stock opened at $60.63 on Friday. The firm has a 50 day simple moving average of $34.37 and a two-hundred day simple moving average of $18.65. The stock has a market cap of $3.37 billion, a PE ratio of -126.31 and a beta of 1.75. AXT Inc has a one year low of $1.13 and a one year high of $70.88.

AXT (NASDAQ:AXTI) last posted its quarterly earnings data on Thursday, February 19th. The semiconductor company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.01). AXT had a negative net margin of 24.07% and a negative return on equity of 9.50%. The company had revenue of $23.04 million for the quarter, compared to analysts’ expectations of $24.24 million. On average, research analysts expect that AXT Inc will post -0.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jesse Chen sold 15,000 shares of AXT stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $47.13, for a total value of $706,950.00. Following the transaction, the director owned 123,612 shares in the company, valued at approximately $5,825,833.56. The trade was a 10.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Morris S. Young sold 159,536 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $43.32, for a total value of $6,911,099.52. Following the sale, the chief executive officer owned 2,482,038 shares of the company’s stock, valued at $107,521,886.16. This represents a 6.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 502,278 shares of company stock valued at $21,196,754. 8.80% of the stock is currently owned by corporate insiders.

AXT Company Profile

AXT, Inc (NASDAQ: AXTI) is a global supplier of compound and single-element semiconductor substrates, offering a range of materials critical for high-performance electronic and optoelectronic devices. Founded in 1986 and headquartered in Fremont, California, AXT specializes in the development, manufacture and distribution of wafers composed of gallium arsenide (GaAs), indium phosphide (InP), gallium nitride (GaN) and other compound semiconductor materials. These substrates serve as the foundational platforms for devices used in data communications, wireless infrastructure, advanced computing, consumer electronics and photovoltaic applications.

AXT’s product portfolio encompasses a variety of wafer sizes, dopant concentrations and crystal orientations, tailored to meet the precise specifications of its customers.