Morris Young Sells 80,000 Shares of AXT (NASDAQ:AXTI) Stock

AXT Inc (NASDAQ:AXTI) CEO Morris Young sold 80,000 shares of the firm’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $8.65, for a total transaction of $692,000.00. Following the transaction, the chief executive officer directly owned 2,439,490 shares in the company, valued at $21,101,588.50. The trade was a 3.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

AXT Stock Performance

AXT stock traded up $0.08 during midday trading on Tuesday, hitting $8.54. 3,282,125 shares of the company’s stock were exchanged, compared to its average volume of 894,733. AXT Inc has a 12-month low of $1.13 and a 12-month high of $9.84. The stock has a market cap of $393.91 million, a price-to-earnings ratio of -15.53 and a beta of 2.26. The firm’s 50 day simple moving average is $4.60 and its 200 day simple moving average is $2.85.

Analyst Ratings Changes

Several equities research analysts have recently commented on AXTI shares. Wedbush set a $7.00 price target on AXT and gave the stock an “outperform” rating in a research note on Wednesday, October 29th. Weiss Ratings restated a “sell (d-)” rating on shares of AXT in a research note on Wednesday, October 8th. Northland Securities set a $10.00 target price on shares of AXT in a research note on Friday. Needham & Company LLC raised their target price on shares of AXT from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday. Finally, B. Riley raised their target price on shares of AXT from $4.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, AXT presently has an average rating of “Moderate Buy” and an average price target of $9.00.

Hedge Funds Weigh In On AXT

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Algert Global LLC acquired a new position in AXT during the first quarter worth about $31,000. XTX Topco Ltd purchased a new stake in AXT in the second quarter valued at approximately $42,000. Atlas Brown Inc. grew its holdings in AXT by 100.0% in the second quarter. Atlas Brown Inc. now owns 39,150 shares of the semiconductor company’s stock valued at $82,000 after purchasing an additional 19,575 shares during the period. Creative Planning purchased a new stake in AXT in the second quarter valued at approximately $86,000. Finally, Assenagon Asset Management S.A. lifted its position in AXT by 12.4% during the third quarter. Assenagon Asset Management S.A. now owns 22,952 shares of the semiconductor company’s stock valued at $103,000 after buying an additional 2,540 shares in the last quarter. Institutional investors and hedge funds own 49.52% of the company’s stock.

AXT Company Profile

AXT, Inc designs, develops, manufactures, and distributes compound and single element semiconductor substrates. The company offers indium phosphide for use in data center connectivity using light/lasers, high-speed data transfer in data centers, 5G communications, fiber optic lasers and detectors, consumer devices, passive optical networks, silicon photonics, photonic integrated circuits, thermo-photovoltaics, RF amplifier and switching, infrared light-emitting diode (LEDS) motion control, lidar for robotics and autonomous vehicles, and infrared thermal imaging.