AXT (NASDAQ:AXTI) Shares Up 15.1% – Here’s Why

Shares of AXT Inc (NASDAQ:AXTI) shot up 15.1% during mid-day trading on Thursday . The stock traded as high as $14.43 and last traded at $14.2310. 1,569,364 shares changed hands during trading, an increase of 25% from the average session volume of 1,259,908 shares. The stock had previously closed at $12.36.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on AXTI shares. Northland Securities set a $10.00 target price on AXT in a report on Friday, October 31st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AXT in a research note on Wednesday, October 8th. B. Riley increased their price target on shares of AXT from $4.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Needham & Company LLC boosted their price objective on shares of AXT from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Finally, Wedbush set a $7.00 price objective on shares of AXT and gave the company an “outperform” rating in a research note on Wednesday, October 29th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, AXT currently has a consensus rating of “Moderate Buy” and an average price target of $9.00.

AXT Price Performance

The firm has a market cap of $682.98 million, a price-to-earnings ratio of -28.17 and a beta of 1.97. The firm’s 50 day moving average price is $9.63 and its 200-day moving average price is $5.20.

AXT (NASDAQ:AXTI) last posted its quarterly earnings results on Thursday, October 30th. The semiconductor company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.08. The company had revenue of $27.96 million for the quarter, compared to analyst estimates of $19.85 million. AXT had a negative net margin of 25.22% and a negative return on equity of 11.19%. Analysts expect that AXT Inc will post -0.12 EPS for the current year.

Insider Buying and Selling at AXT

In other news, CEO Morris S. Young sold 35,000 shares of the stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $12.05, for a total value of $421,750.00. Following the completion of the transaction, the chief executive officer owned 2,495,564 shares in the company, valued at approximately $30,071,546.20. This represents a 1.38% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Leonard J. Leblanc sold 3,637 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $8.41, for a total value of $30,587.17. Following the transaction, the director owned 118,875 shares of the company’s stock, valued at $999,738.75. This trade represents a 2.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 326,767 shares of company stock valued at $3,329,808 in the last 90 days. 8.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AXT

Hedge funds have recently made changes to their positions in the company. Algert Global LLC acquired a new position in AXT in the first quarter valued at about $31,000. Jacobs Levy Equity Management Inc. grew its position in AXT by 75.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 530,269 shares of the semiconductor company’s stock worth $748,000 after acquiring an additional 227,333 shares during the last quarter. Acadian Asset Management LLC increased its holdings in AXT by 2.8% during the 1st quarter. Acadian Asset Management LLC now owns 293,818 shares of the semiconductor company’s stock valued at $412,000 after purchasing an additional 8,039 shares in the last quarter. Atlas Brown Inc. boosted its stake in AXT by 100.0% in the second quarter. Atlas Brown Inc. now owns 39,150 shares of the semiconductor company’s stock worth $82,000 after purchasing an additional 19,575 shares in the last quarter. Finally, Creative Planning bought a new position in shares of AXT in the second quarter valued at about $86,000. Institutional investors and hedge funds own 49.52% of the company’s stock.

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.