Zacks Investment Research Lowers AXT Inc (AXTI) to Hold

Zacks Investment Research lowered shares of AXT Inc (NASDAQ:AXTI) from a buy rating to a hold rating in a research note published on Tuesday 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 analysts have also recently issued reports on the stock. 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. BidaskClub cut shares of AXT from a strong-buy rating to a buy rating in a research report on Monday, August 7th. B. Riley restated a neutral rating and set a $8.50 target price on shares of AXT in a research report on Tuesday, August 1st. Finally, 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. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $9.65.

Shares of AXT (NASDAQ:AXTI) traded down 0.56% on Tuesday, hitting $8.95. The stock had a trading volume of 225,903 shares. The company has a 50 day moving average price of $8.76 and a 200-day moving average price of $7.39. The stock has a market cap of $343.47 million, a PE ratio of 44.75 and a beta of 1.16. AXT has a 12 month low of $4.35 and a 12 month high of $9.70.

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

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In related news, CEO Morris S. Young sold 92,896 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $8.54, for a total value of $793,331.84. Following the sale, the chief executive officer now directly 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David C. Chang sold 9,000 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $8.80, for a total transaction of $79,200.00. Following the completion of the sale, the director now directly owns 164,807 shares in the company, valued at $1,450,301.60. The disclosure for this sale can be found here. Corporate insiders own 6.90% of the company’s stock.

A number of institutional investors have recently bought and sold shares of AXTI. Wells Fargo & Company MN raised its position in AXT by 34.2% in the 1st quarter. Wells Fargo & Company MN now owns 360,695 shares of the semiconductor company’s stock worth $2,092,000 after purchasing an additional 91,945 shares during the period. Bank of New York Mellon Corp raised its position in AXT by 314.4% in the 1st quarter. Bank of New York Mellon Corp now owns 148,703 shares of the semiconductor company’s stock worth $862,000 after purchasing an additional 112,818 shares during the period. Ameriprise Financial Inc. purchased a new stake in AXT in the 1st quarter worth about $1,054,000. SG Americas Securities LLC purchased a new stake in AXT in the 1st quarter worth about $105,000. Finally, Royce & Associates LP raised its position in AXT by 16.0% in the 1st quarter. Royce & Associates LP now owns 809,743 shares of the semiconductor company’s stock worth $4,697,000 after purchasing an additional 111,886 shares during the period. 61.87% of the stock is currently owned by institutional investors.

About AXT

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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