AXT (NASDAQ:AXTI) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of AXT (NASDAQ:AXTI) from a hold rating to a buy rating in a report issued on Monday, Zacks.com reports. They currently have $12.00 price objective on the semiconductor company’s stock.

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. “

AXTI has been the subject of a number of other research reports. Northland Securities upped their target price on AXT from $10.00 to $15.00 and gave the stock an outperform rating in a research report on Friday, February 19th. B. Riley upped their target price on AXT from $10.50 to $12.00 and gave the stock a neutral rating in a research report on Friday, February 19th. BWS Financial upped their target price on AXT from $14.00 to $20.00 and gave the stock a buy rating in a research report on Friday, February 19th. Finally, Craig Hallum reaffirmed a buy rating and set a $17.00 target price on shares of AXT in a research report on Friday, February 19th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $15.20.

Shares of NASDAQ AXTI opened at $10.18 on Monday. The company has a market cap of $430.61 million, a PE ratio of 63.63 and a beta of 2.28. The firm has a 50 day moving average price of $10.44. AXT has a 52 week low of $4.30 and a 52 week high of $15.84.

AXT (NASDAQ:AXTI) last announced its quarterly earnings results on Tuesday, April 27th. The semiconductor company reported $0.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.03. The business had revenue of $31.35 million during the quarter, compared to analysts’ expectations of $29.11 million. AXT had a return on equity of 3.42% and a net margin of 6.45%. As a group, analysts expect that AXT will post 0.29 EPS for the current fiscal year.

In other news, CEO Morris S. Young sold 40,000 shares of the stock in a transaction that occurred on Tuesday, April 6th. The stock was sold at an average price of $12.25, for a total value of $490,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Gary L. Fischer sold 10,000 shares of the stock in a transaction that occurred on Monday, April 5th. The shares were sold at an average price of $12.52, for a total value of $125,200.00. Following the completion of the sale, the chief financial officer now directly owns 318,495 shares of the company’s stock, valued at $3,987,557.40. The disclosure for this sale can be found here. Insiders sold 109,550 shares of company stock valued at $1,216,568 over the last three months. 8.33% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of AXTI. Strs Ohio raised its stake in shares of AXT by 28.4% in the fourth quarter. Strs Ohio now owns 20,800 shares of the semiconductor company’s stock valued at $199,000 after purchasing an additional 4,600 shares in the last quarter. Winslow Evans & Crocker Inc. raised its stake in shares of AXT by 1,609.6% in the fourth quarter. Winslow Evans & Crocker Inc. now owns 9,437 shares of the semiconductor company’s stock valued at $90,000 after purchasing an additional 8,885 shares in the last quarter. Aaron Wealth Advisors acquired a new position in shares of AXT in the fourth quarter valued at $95,000. BlackRock Inc. raised its stake in shares of AXT by 5.4% in the fourth quarter. BlackRock Inc. now owns 2,825,523 shares of the semiconductor company’s stock valued at $27,041,000 after purchasing an additional 144,318 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of AXT by 48.9% in the fourth quarter. Russell Investments Group Ltd. now owns 220,273 shares of the semiconductor company’s stock valued at $2,109,000 after purchasing an additional 72,332 shares in the last quarter. Institutional investors and hedge funds own 58.50% of the company’s stock.

About AXT

AXT, Inc designs, develops, manufactures, and distributes compound and single element semiconductor substrates. It produces semiconductor substrates using its proprietary vertical gradient freeze technology. The company offers indium phosphide for use in data center connectivity using light/lasers, 5G communications, fiber optic lasers and detectors, passive optical networks, silicon photonics, photonic integrated circuits, terrestrial solar cells, RF amplifier and switching, infrared light-emitting diode (LEDS) motion control, lidar for robotics and autonomous vehicles, and infrared thermal imaging.

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