AXT (NASDAQ:AXTI) Stock Price Down 8% – What’s Next?

by · The Cerbat Gem

AXT Inc (NASDAQ:AXTI – Get Free Report) shares dropped 8% during trading on Friday . The company traded as low as $15.10 and last traded at $15.0730. Approximately 870,447 shares traded hands during trading, a decline of 28% from the average daily volume of 1,208,041 shares. The stock had previously closed at $16.38.

Analysts Set New Price Targets

AXTI has been the topic of several analyst reports. Wall Street Zen raised shares of AXT from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Needham & Company LLC upped their price target on AXT from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Wedbush set a $7.00 price target on AXT and gave the stock an “outperform” rating in a research report on Wednesday, October 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of AXT in a report on Wednesday, October 8th. Finally, B. Riley lifted their price target on shares of AXT from $4.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

View Our Latest Stock Report on AXT

AXT Price Performance

The firm has a market cap of $702.84 million, a P/E ratio of -29.03 and a beta of 1.97. The company has a fifty day moving average of $8.56 and a 200-day moving average of $4.68.

AXT (NASDAQ:AXTI – Get Free Report) last posted its quarterly earnings data on Thursday, October 30th. The semiconductor company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.08. The firm had revenue of $27.96 million during the quarter, compared to analyst estimates of $19.85 million. AXT had a negative net margin of 25.22% and a negative return on equity of 11.19%. On average, sell-side analysts expect that AXT Inc will post -0.12 EPS for the current fiscal year.

Insider Buying and Selling at AXT

In related news, CEO Morris S. Young sold 35,000 shares of the stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $12.05, for a total value of $421,750.00. Following the completion of the transaction, the chief executive officer directly owned 2,495,564 shares of the company’s stock, valued at $30,071,546.20. This represents a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Leonard J. Leblanc sold 3,637 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $8.41, for a total value of $30,587.17. Following the completion of the transaction, the director owned 118,875 shares of the company’s stock, valued at approximately $999,738.75. The trade was a 2.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 326,767 shares of company stock worth $3,329,808 over the last ninety days. 8.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AXT

A number of hedge funds have recently modified their holdings of AXTI. Penn Capital Management Company LLC bought a new stake in AXT in the third quarter worth $729,000. Qube Research & Technologies Ltd grew its position in AXT by 39.7% in the third 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. Millennium Management LLC bought a new stake in AXT during the third quarter worth approximately $136,000. Destination Wealth Management purchased a new stake in AXT during the 3rd quarter valued at $458,000. Finally, Citadel Advisors LLC boosted its stake in shares of AXT by 339.6% during the 3rd quarter. Citadel Advisors LLC now owns 405,978 shares of the semiconductor company’s stock worth $1,823,000 after purchasing an additional 313,618 shares during the period. 49.52% of the stock is currently owned by institutional investors.

About AXT

(Get Free Report)

AXT, Inc designs, develops, manufactures, and distributes compound and single element semiconductor substrates. The company offers indium phosphide for use in data center connectivity using light/lasers, high-speed data transfer in data centers, 5G communications, fiber optic lasers and detectors, consumer devices, passive optical networks, silicon photonics, photonic integrated circuits, thermo-photovoltaics, RF amplifier and switching, infrared light-emitting diode (LEDS) motion control, lidar for robotics and autonomous vehicles, and infrared thermal imaging.

Featured Articles