Zacks Investment Research Lowers AXT Inc (AXTI) to Hold

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, October 17th.

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. “

Several other research firms have also recently commented on AXTI. Needham & Company LLC restated a “buy” rating and set a $10.00 target price on shares of AXT in a research report on Sunday, September 17th. B. Riley reaffirmed a “neutral” rating and set a $8.50 price target on shares of AXT in a research note on Tuesday, August 1st. BidaskClub raised AXT from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 1st. Finally, BWS Financial lifted their price target on AXT from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, July 27th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $9.95.

Shares of AXT (NASDAQ AXTI) opened at 9.50 on Tuesday. AXT has a 12 month low of $4.35 and a 12 month high of $9.70. The company has a market capitalization of $364.58 million, a P/E ratio of 47.50 and a beta of 1.16. The company’s 50 day moving average price is $8.85 and its 200 day moving average price is $7.49.

AXT (NASDAQ:AXTI) last posted its earnings results on Wednesday, October 25th. The semiconductor company reported $0.11 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.02. AXT had a return on equity of 5.84% and a net margin of 9.96%. The business had revenue of $28.17 million during the quarter, compared to analysts’ expectations of $27.05 million. During the same period in the previous year, the business earned $0.07 earnings per share. The firm’s revenue was up 28.8% on a year-over-year basis. Analysts expect that AXT will post $0.26 EPS for the current fiscal year.

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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Verition Fund Management LLC lifted its stake in shares of AXT by 23.7% in the 2nd quarter. Verition Fund Management LLC now owns 100,000 shares of the semiconductor company’s stock valued at $635,000 after acquiring an additional 19,145 shares during the last quarter. California State Teachers Retirement System bought a new stake in shares of AXT in the 2nd quarter valued at about $418,000. The Manufacturers Life Insurance Company lifted its stake in shares of AXT by 15,013.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,226 shares of the semiconductor company’s stock valued at $192,000 after acquiring an additional 30,026 shares during the last quarter. State Street Corp lifted its stake in shares of AXT by 2,392.6% in the 2nd quarter. State Street Corp now owns 461,458 shares of the semiconductor company’s stock valued at $2,931,000 after acquiring an additional 442,945 shares during the last quarter. Finally, Gotham Asset Management LLC lifted its stake in shares of AXT by 35.5% in the 2nd quarter. Gotham Asset Management LLC now owns 23,601 shares of the semiconductor company’s stock valued at $150,000 after acquiring an additional 6,182 shares during the last quarter. 61.87% of the stock is owned by 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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