AXT (NASDAQ:AXTI) Trading 13.5% Higher – Here’s What Happened

AXT Inc (NASDAQ:AXTI)’s share price traded up 13.5% during mid-day trading on Monday . The stock traded as high as $37.20 and last traded at $36.74. 3,895,277 shares were traded during mid-day trading, a decline of 52% from the average session volume of 8,087,968 shares. The stock had previously closed at $32.37.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. B. Riley Financial boosted their price target on shares of AXT to $21.00 and gave the company a “neutral” rating in a research report on Friday, February 20th. Craig Hallum reiterated a “buy” rating on shares of AXT in a research report on Friday, January 9th. UBS Group set a $35.00 target price on AXT in a report on Tuesday, February 17th. Wedbush upped their target price on AXT from $8.50 to $28.00 and gave the company an “outperform” rating in a research report on Friday, February 20th. Finally, Needham & Company LLC lowered AXT from a “buy” rating to a “hold” rating in a research report on Tuesday, January 20th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, AXT has an average rating of “Hold” and a consensus target price of $22.80.

AXT Price Performance

The firm’s 50 day moving average price is $24.46 and its two-hundred day moving average price is $13.55. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of -76.87 and a beta of 1.74.

AXT (NASDAQ:AXTI) last posted its quarterly earnings data on Thursday, February 19th. The semiconductor company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). AXT had a negative return on equity of 10.59% and a negative net margin of 24.07%.The company had revenue of $23.04 million for the quarter, compared to analyst estimates of $24.24 million. On average, analysts anticipate that AXT Inc will post -0.12 earnings per share for the current year.

Insider Buying and Selling at AXT

In other AXT news, Director David C. Chang sold 25,000 shares of the company’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $14.84, for a total transaction of $371,000.00. Following the completion of the transaction, the director owned 132,744 shares in the company, valued at approximately $1,969,920.96. This represents a 15.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jesse Chen sold 11,320 shares of the firm’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $45.59, for a total transaction of $516,078.80. Following the completion of the sale, the director owned 198,018 shares of the company’s stock, valued at $9,027,640.62. This trade represents a 5.41% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 246,810 shares of company stock valued at $9,782,640. 8.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On AXT

A number of institutional investors have recently added to or reduced their stakes in the business. XTX Topco Ltd acquired a new position in AXT during the 2nd quarter worth approximately $42,000. Jefferies Financial Group Inc. purchased a new position in shares of AXT during the 3rd quarter worth approximately $52,000. State of Wyoming acquired a new stake in shares of AXT in the 4th quarter valued at approximately $69,000. Creative Planning acquired a new stake in shares of AXT in the 2nd quarter valued at approximately $86,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of AXT in the fourth quarter valued at approximately $98,000. Hedge funds and other institutional investors 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.