Destination Wealth Management Acquires Shares of 101,900 AXT Inc $AXTI

Destination Wealth Management acquired a new stake in shares of AXT Inc (NASDAQ:AXTI) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 101,900 shares of the semiconductor company’s stock, valued at approximately $458,000. Destination Wealth Management owned about 0.22% of AXT at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Citadel Advisors LLC boosted its position in shares of AXT by 339.6% during the third quarter. Citadel Advisors LLC now owns 405,978 shares of the semiconductor company’s stock worth $1,823,000 after acquiring an additional 313,618 shares during the last quarter. Bank of America Corp DE grew its stake in AXT by 12,816.7% during the third quarter. Bank of America Corp DE now owns 52,571 shares of the semiconductor company’s stock valued at $236,000 after acquiring an additional 52,164 shares in the last quarter. Creative Planning bought a new stake in AXT in the 2nd quarter valued at $86,000. Dimensional Fund Advisors LP purchased a new stake in AXT in the 3rd quarter worth $145,000. Finally, Wesbanco Bank Inc. bought a new position in shares of AXT during the 3rd quarter valued at about $112,000. Hedge funds and other institutional investors own 49.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. UBS Group set a $35.00 price target on AXT in a report on Tuesday, February 17th. Northland Securities set a $20.00 price objective on shares of AXT in a research report on Monday, December 22nd. Needham & Company LLC cut shares of AXT from a “buy” rating to a “hold” rating in a research note on Tuesday, January 20th. B. Riley Financial boosted their target price on shares of AXT to $21.00 and gave the stock a “neutral” rating in a report on Friday, February 20th. Finally, Wall Street Zen upgraded shares of AXT from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, AXT has a consensus rating of “Hold” and an average target price of $22.80.

Insider Activity

In other news, Director Jesse Chen sold 8,083 shares of the company’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $50.25, for a total value of $406,170.75. Following the transaction, the director directly owned 109,526 shares in the company, valued at approximately $5,503,681.50. This represents a 6.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Morris S. Young sold 37,905 shares of the firm’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $51.13, for a total transaction of $1,938,082.65. Following the completion of the transaction, the chief executive officer directly owned 2,275,328 shares in the company, valued at $116,337,520.64. This represents a 1.64% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 502,278 shares of company stock valued at $21,196,754. 8.80% of the stock is currently owned by company insiders.

AXT Stock Performance

Shares of AXTI stock opened at $48.39 on Tuesday. AXT Inc has a 52-week low of $1.13 and a 52-week high of $52.70. The firm has a market capitalization of $2.67 billion, a P/E ratio of -100.81 and a beta of 1.74. The stock has a 50 day moving average price of $28.01 and a 200 day moving average price of $15.37.

AXT (NASDAQ:AXTI) last announced its quarterly earnings data on Thursday, February 19th. The semiconductor company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.01). AXT had a negative net margin of 24.07% and a negative return on equity of 10.59%. The business had revenue of $23.04 million during the quarter, compared to the consensus estimate of $24.24 million. As a group, sell-side analysts forecast that AXT Inc will post -0.12 EPS for the current year.

About AXT

AXT, Inc (NASDAQ: AXTI) is a global supplier of compound and single-element semiconductor substrates, offering a range of materials critical for high-performance electronic and optoelectronic devices. Founded in 1986 and headquartered in Fremont, California, AXT specializes in the development, manufacture and distribution of wafers composed of gallium arsenide (GaAs), indium phosphide (InP), gallium nitride (GaN) and other compound semiconductor materials. These substrates serve as the foundational platforms for devices used in data communications, wireless infrastructure, advanced computing, consumer electronics and photovoltaic applications.

AXT’s product portfolio encompasses a variety of wafer sizes, dopant concentrations and crystal orientations, tailored to meet the precise specifications of its customers.