AXT Inc (NASDAQ:AXTI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.
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. “
Several other brokerages have also weighed in on AXTI. Dougherty & Co started coverage on shares of AXT in a research report on Monday, February 13th. They set a “buy” rating and a $8.00 target price on the stock. B. Riley restated a “buy” rating and set a $8.00 target price on shares of AXT in a research report on Wednesday, February 22nd. Finally, Needham & Company LLC upped their target price on shares of AXT from $6.50 to $8.50 and gave the stock a “buy” rating in a research report on Thursday, February 23rd. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $7.80.
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Shares of AXT (NASDAQ:AXTI) traded up 3.60% during mid-day trading on Monday, hitting $5.75. 2,246,402 shares of the stock were exchanged. The company has a 50-day moving average of $6.64 and a 200 day moving average of $5.50. AXT has a one year low of $2.43 and a one year high of $8.65. The stock has a market cap of $188.07 million, a PE ratio of 33.82 and a beta of 1.25.
AXT (NASDAQ:AXTI) last issued its earnings results on Wednesday, February 22nd. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.03. AXT had a net margin of 2.75% and a return on equity of 1.62%. The company had revenue of $20.30 million for the quarter, compared to analyst estimates of $19.09 million. During the same period in the prior year, the business posted ($0.04) earnings per share. The firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. On average, equities analysts predict that AXT will post $0.19 earnings per share for the current year.
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Several hedge funds have recently made changes to their positions in AXTI. Essex Investment Management Co. LLC acquired a new stake in shares of AXT during the third quarter valued at about $983,000. Wells Fargo & Company MN increased its stake in shares of AXT by 720.3% in the third quarter. Wells Fargo & Company MN now owns 195,225 shares of the company’s stock valued at $1,013,000 after buying an additional 171,425 shares during the period. Alambic Investment Management L.P. increased its stake in shares of AXT by 63.0% in the third quarter. Alambic Investment Management L.P. now owns 20,700 shares of the company’s stock valued at $107,000 after buying an additional 8,000 shares during the period. Royce & Associates LP increased its stake in shares of AXT by 63.9% in the fourth quarter. Royce & Associates LP now owns 697,857 shares of the company’s stock valued at $3,350,000 after buying an additional 272,180 shares during the period. Finally, Friess Associates LLC acquired a new stake in shares of AXT during the fourth quarter valued at about $588,000. 46.97% of the stock is currently owned by institutional investors.
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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