AXT Inc (NASDAQ:AXTI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

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. “

Other equities research analysts have also issued research reports about the stock. B. Riley reaffirmed a “neutral” rating and issued a $8.50 target price on shares of AXT in a report on Tuesday, August 1st. BWS Financial upped their target price on shares of AXT from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, July 27th. BidaskClub raised shares of AXT from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 target price on shares of AXT in a report on Sunday, September 17th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. AXT has a consensus rating of “Buy” and a consensus price target of $9.65.

Shares of AXT (NASDAQ:AXTI) traded up 0.55% during mid-day trading on Tuesday, reaching $9.10. 255,338 shares of the company traded hands. The stock has a market capitalization of $349.23 million, a PE ratio of 45.50 and a beta of 1.16. The stock’s 50 day moving average is $8.62 and its 200 day moving average is $7.31. AXT has a 52-week low of $4.35 and a 52-week high of $9.70.

AXT (NASDAQ:AXTI) last posted its earnings results on Wednesday, July 26th. The semiconductor company reported $0.05 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.05. AXT had a net margin of 8.15% and a return on equity of 4.61%. The business had revenue of $23.56 million for the quarter, compared to analyst estimates of $22.55 million. During the same quarter in the prior year, the firm earned $0.03 EPS. The firm’s quarterly revenue was up 14.9% compared to the same quarter last year. On average, analysts anticipate that AXT will post $0.24 earnings per share for the current year.

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In other AXT news, CEO Morris S. Young sold 92,896 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $8.54, for a total transaction of $793,331.84. Following the sale, the chief executive officer now owns 1,213,200 shares of the company’s stock, valued at approximately $10,360,728. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David C. Chang sold 9,000 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $8.80, for a total transaction of $79,200.00. Following the sale, the director now directly owns 164,807 shares in the company, valued at approximately $1,450,301.60. The disclosure for this sale can be found here. 6.90% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of AXTI. Kennedy Capital Management Inc. bought a new stake in AXT during the 1st quarter worth about $6,084,000. Driehaus Capital Management LLC bought a new stake in AXT during the 1st quarter worth about $4,614,000. Systematic Financial Management LP bought a new stake in AXT during the 2nd quarter worth about $3,782,000. State Street Corp grew its holdings in AXT by 2,392.6% during the 2nd quarter. State Street Corp now owns 461,458 shares of the semiconductor company’s stock worth $2,931,000 after acquiring an additional 442,945 shares during the last quarter. Finally, New York State Common Retirement Fund grew its holdings in AXT by 233.8% during the 2nd quarter. New York State Common Retirement Fund now owns 608,093 shares of the semiconductor company’s stock worth $3,861,000 after acquiring an additional 425,912 shares during the last quarter. 61.87% of the stock is currently owned by hedge funds and other institutional investors.

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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