AXT Inc (AXTI) Given “Buy” Rating at Needham & Company LLC
Needham & Company LLC restated their buy rating on shares of AXT Inc (NASDAQ:AXTI) in a report issued on Sunday morning. The firm currently has a $10.00 target price on the semiconductor company’s stock.
Several other analysts have also commented on the stock. Zacks Investment Research raised shares of AXT from a hold rating to a buy rating and set a $9.75 price target on the stock in a research report on Friday. BidaskClub lowered shares of AXT from a strong-buy rating to a buy rating in a research report on Monday, August 7th. B. Riley reaffirmed a neutral rating and set a $8.50 price target on shares of AXT in a research report on Tuesday, August 1st. Finally, BWS Financial lifted their price target on shares of AXT from $10.00 to $12.00 and gave the company a buy rating in a research report on Thursday, July 27th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. AXT currently has an average rating of Buy and an average price target of $9.21.
Shares of AXT (NASDAQ AXTI) opened at 8.80 on Friday. The stock has a 50 day moving average price of $7.91 and a 200 day moving average price of $6.92. The stock has a market capitalization of $337.72 million, a P/E ratio of 44.00 and a beta of 1.13. AXT has a one year low of $4.35 and a one year high of $9.50.
AXT (NASDAQ:AXTI) last released its quarterly earnings results on Wednesday, July 26th. The semiconductor company reported $0.05 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.05. The firm had revenue of $23.56 million for the quarter, compared to analyst estimates of $22.55 million. AXT had a net margin of 8.15% and a return on equity of 4.61%. The business’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.03 EPS. Equities analysts forecast that AXT will post $0.24 earnings per share for the current year.
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In related news, Director David C. Chang sold 9,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $8.80, for a total transaction of $79,200.00. Following the completion of the transaction, the director now owns 164,807 shares in the company, valued at $1,450,301.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Morris S. Young sold 92,896 shares of the business’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $8.54, for a total transaction of $793,331.84. Following the transaction, the chief executive officer now owns 1,213,200 shares of the company’s stock, valued at approximately $10,360,728. The disclosure for this sale can be found here. Insiders own 6.90% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Voya Investment Management LLC acquired a new position in shares of AXT during the second quarter worth $100,000. Gotham Asset Management LLC acquired a new position in AXT in the first quarter valued at $101,000. SG Americas Securities LLC acquired a new position in AXT in the first quarter valued at $105,000. Sanctuary Wealth Advisors LLC acquired a new position in AXT in the first quarter valued at $116,000. Finally, Nationwide Fund Advisors boosted its stake in AXT by 278.0% in the second quarter. Nationwide Fund Advisors now owns 28,407 shares of the semiconductor company’s stock valued at $180,000 after acquiring an additional 20,892 shares in the last quarter. Hedge funds and other institutional investors own 61.87% of the company’s stock.
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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