AXT (NASDAQ:AXTI) Shares Gap Up – Here’s What Happened

AXT Inc (NASDAQ:AXTI) shares gapped up prior to trading on Wednesday. The stock had previously closed at $39.31, but opened at $43.03. AXT shares last traded at $45.3840, with a volume of 3,253,837 shares trading hands.

Analyst Ratings Changes

AXTI has been the subject of several recent analyst reports. UBS Group set a $90.00 price objective on shares of AXT in a report on Friday, July 31st. B. Riley Financial increased their price target on shares of AXT from $55.00 to $56.00 and gave the stock a “neutral” rating in a research report on Friday, October 30th. Weiss Ratings upgraded AXT from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Friday, August 14th. Zacks Research raised AXT from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 4th. Finally, Needham & Company LLC upgraded AXT from a “hold” rating to a “buy” rating and set a $90.00 price objective on the stock in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, AXT presently has a consensus rating of “Moderate Buy” and an average target price of $77.80.

AXT Trading Up 23.2%

The stock’s 50-day moving average price is $63.26 and its 200-day moving average price is $64.84. The company has a market capitalization of $3.17 billion, a P/E ratio of 106.89 and a beta of 2.01.

AXT (NASDAQ:AXTI) last issued its earnings results on Thursday, October 29th. The semiconductor company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.10. AXT had a net margin of 18.53% and a return on equity of 5.21%. The firm had revenue of $73.41 million for the quarter, compared to analysts’ expectations of $66.00 million. Sell-side analysts expect that AXT Inc will post 1.11 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Leonard Leblanc sold 4,000 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $96.07, for a total transaction of $384,280.00. Following the completion of the transaction, the director owned 113,129 shares of the company’s stock, valued at approximately $10,868,303.03. The trade was a 3.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 5.97% of the company’s stock.

Institutional Investors Weigh In On AXT

A number of institutional investors have recently added to or reduced their stakes in AXTI. Reyes Financial Architecture Inc. bought a new stake in AXT in the third quarter worth about $42,000. Global Retirement Partners LLC bought a new stake in shares of AXT in the 2nd quarter worth approximately $55,000. Signaturefd LLC raised its holdings in shares of AXT by 440.9% in the 3rd quarter. Signaturefd LLC now owns 952 shares of the semiconductor company’s stock worth $74,000 after purchasing an additional 776 shares in the last quarter. Pinnacle Wealth Planning Services Inc. raised its holdings in shares of AXT by 143.1% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 1,269 shares of the semiconductor company’s stock worth $98,000 after purchasing an additional 747 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in AXT by 3,881.2% during the third quarter. GAMMA Investing LLC now owns 1,274 shares of the semiconductor company’s stock valued at $99,000 after purchasing an additional 1,242 shares during the last quarter. 49.52% of the stock is currently owned by institutional investors and hedge funds.

AXT Company Profile

AXT, Inc. develops and manufactures compound semiconductor substrate materials used to make electronic and optoelectronic devices. Its products include indium phosphide, gallium arsenide and germanium substrates, supplied in wafer form for use by semiconductor manufacturers. These materials support applications such as fiber-optic and data communications, wireless devices, lasers, LEDs and solar cells. AXT also provides substrate processing services, including wafer polishing and finishing. Founded in 1986 and headquartered in Fremont, California, AXT serves customers around the world.