AXT Inc (AXTI) Trading 5.6% Higher After Strong Earnings

Shares of AXT Inc (NASDAQ:AXTI) traded up 5.6% during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $9.51 and last traded at $9.40. 953,110 shares were traded during mid-day trading, an increase of 74% from the average session volume of 548,238 shares. The stock had previously closed at $8.90.

The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.02. AXT had a net margin of 9.96% and a return on equity of 5.84%. The firm had revenue of $28.17 million during the quarter, compared to analyst estimates of $27.05 million. During the same quarter in the prior year, the firm posted $0.07 earnings per share. AXT’s quarterly revenue was up 28.8% on a year-over-year basis.

A number of equities research analysts recently issued reports on the stock. B. Riley reissued a “neutral” rating and issued a $8.50 price objective on shares of AXT in a report on Thursday, July 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price (up previously from $10.00) on shares of AXT in a research report on Thursday. Zacks Investment Research cut shares of AXT from a “buy” rating to a “hold” rating in a research report on Thursday, August 17th. BWS Financial upped their target price on shares of AXT from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, July 27th. Finally, BidaskClub raised shares of AXT from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 1st. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $9.95.

In other AXT news, Director David C. Chang sold 9,000 shares of the company’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 transaction, the director now owns 164,807 shares of the company’s stock, valued at $1,450,301.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Morris S. Young sold 92,896 shares of the company’s 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 completion of the transaction, the chief executive officer now directly owns 1,213,200 shares in the company, valued at approximately $10,360,728. The disclosure for this sale can be found here. Corporate insiders own 6.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Gotham Asset Management LLC lifted its position in AXT by 35.5% in the second quarter. Gotham Asset Management LLC now owns 23,601 shares of the semiconductor company’s stock valued at $150,000 after buying an additional 6,182 shares during the last quarter. Granite Point Capital Management L.P. lifted its position in AXT by 17.5% in the second quarter. Granite Point Capital Management L.P. now owns 47,000 shares of the semiconductor company’s stock valued at $298,000 after buying an additional 7,000 shares during the last quarter. Voya Investment Management LLC acquired a new position in AXT in the second quarter valued at about $100,000. SG Americas Securities LLC acquired a new position in AXT in the first quarter valued at about $105,000. Finally, Verition Fund Management LLC lifted its position in AXT by 23.7% in the second quarter. Verition Fund Management LLC now owns 100,000 shares of the semiconductor company’s stock valued at $635,000 after buying an additional 19,145 shares during the last quarter. 61.87% of the stock is currently owned by institutional investors.

The company has a market cap 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.

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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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