AXT (NASDAQ:AXTI) Issues Q2 2024 Earnings Guidance

AXT (NASDAQ:AXTI) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of -0.050–0.030 for the period, compared to the consensus estimate of -0.050. The company issued revenue guidance of $25.5 million-$27.5 million, compared to the consensus revenue estimate of $26.3 million.

AXT Stock Down 2.6 %

Shares of AXTI stock traded down $0.10 during trading hours on Wednesday, hitting $3.76. 343,699 shares of the company’s stock traded hands, compared to its average volume of 2,050,851. AXT has a 12 month low of $1.89 and a 12 month high of $5.64. The stock has a market cap of $166.38 million, a PE ratio of -9.65 and a beta of 2.28. The stock’s 50 day simple moving average is $3.99 and its 200 day simple moving average is $2.96.

AXT (NASDAQ:AXTI) last released its quarterly earnings results on Thursday, May 2nd. The semiconductor company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. AXT had a negative return on equity of 7.36% and a negative net margin of 21.01%. The firm had revenue of $22.69 million for the quarter, compared to analyst estimates of $21.00 million. During the same quarter in the previous year, the company posted ($0.08) EPS. As a group, equities research analysts expect that AXT will post -0.1 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

AXTI has been the topic of a number of research analyst reports. Needham & Company LLC reaffirmed a buy rating and set a $5.00 price target on shares of AXT in a research report on Friday, May 3rd. B. Riley increased their price target on AXT from $3.80 to $5.50 and gave the stock a buy rating in a research note on Friday, April 5th. Wedbush reaffirmed an outperform rating and set a $6.00 price objective on shares of AXT in a research note on Friday, May 3rd. StockNews.com upgraded AXT from a sell rating to a hold rating in a research note on Monday. Finally, Craig Hallum lifted their target price on shares of AXT from $3.75 to $5.00 and gave the stock a buy rating in a research note on Tuesday, April 9th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $5.38.

About AXT

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.