AXT Inc (AXTI) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of AXT Inc (NASDAQ:AXTI) from a buy rating to a hold rating in a research report sent to investors on Thursday morning.

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 equities research analysts have also recently commented on AXTI. Dougherty & Co reaffirmed a buy rating on shares of AXT in a report on Saturday, June 17th. BidaskClub raised AXT from a hold rating to a buy rating in a report on Thursday, July 13th. B. Riley reaffirmed a neutral rating and issued a $7.00 price target on shares of AXT in a report on Friday, July 21st. Finally, BWS Financial raised their target price on AXT from $10.00 to $12.00 and gave the stock a buy rating in a research note on Thursday, July 27th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. AXT has an average rating of Buy and a consensus price target of $9.21.

AXT (NASDAQ AXTI) opened at 8.80 on Thursday. The stock has a market cap of $337.72 million, a PE ratio of 44.00 and a beta of 1.13. AXT has a one year low of $4.35 and a one year high of $9.50. The stock has a 50 day moving average price of $7.91 and a 200-day moving average price of $6.92.

AXT (NASDAQ:AXTI) last posted its quarterly earnings results on Wednesday, July 26th. The semiconductor company reported $0.05 EPS for the quarter, meeting the consensus estimate of $0.05. AXT had a return on equity of 4.61% and a net margin of 8.15%. The firm had revenue of $23.56 million during the quarter, compared to analysts’ expectations of $22.55 million. During the same quarter last year, the firm earned $0.03 earnings per share. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. Equities research analysts expect that AXT will post $0.24 earnings per share for the current fiscal year.

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In other news, CEO Morris S. Young sold 92,896 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was 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 $10,360,728. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director David C. Chang sold 9,000 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was 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 disclosure for this sale can be found here. Company insiders own 6.90% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Voya Investment Management LLC purchased a new position in shares of AXT during the second quarter worth $100,000. Gotham Asset Management LLC purchased a new position in shares of AXT during the first quarter worth $101,000. SG Americas Securities LLC purchased a new position in shares of AXT during the first quarter worth $105,000. Sanctuary Wealth Advisors LLC purchased a new position in shares of AXT during the first quarter worth $116,000. Finally, Nationwide Fund Advisors boosted its position in shares of AXT by 278.0% during the second quarter. Nationwide Fund Advisors now owns 28,407 shares of the semiconductor company’s stock worth $180,000 after buying an additional 20,892 shares during the period. Institutional investors and hedge funds own 61.87% of the company’s stock.

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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