AXT Inc (AXTI) Cut to Hold at Zacks Investment Research

AXT Inc (NASDAQ:AXTI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

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. “

AXTI has been the subject of a number of other research reports. BidaskClub raised AXT from a “hold” rating to a “buy” rating in a report on Thursday, July 13th. Needham & Company LLC lifted their target price on AXT from $8.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, April 27th. BWS Financial raised 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. B. Riley restated a “neutral” rating and issued a $8.50 price target on shares of AXT in a research note on Tuesday, August 1st. Finally, Dougherty & Co restated a “buy” rating on shares of AXT in a research note on Saturday, June 17th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $8.83.

AXT (NASDAQ:AXTI) opened at 7.60 on Thursday. AXT has a 12 month low of $3.85 and a 12 month high of $9.50. The stock’s 50 day moving average price is $7.48 and its 200-day moving average price is $6.74. The stock has a market cap of $291.67 million, a PE ratio of 38.00 and a beta of 1.08.

AXT (NASDAQ:AXTI) last posted its earnings results on Wednesday, July 26th. The semiconductor company reported $0.05 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.05. The business had revenue of $23.56 million during the quarter, compared to analyst estimates of $22.55 million. AXT had a return on equity of 4.61% and a net margin of 8.15%. The company’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.03 EPS. Analysts anticipate that AXT will post $0.24 EPS for the current fiscal year.

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In other news, 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 directly owns 164,807 shares in the company, valued at approximately $1,450,301.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Robert G. Ochrym sold 7,500 shares of the firm’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $6.93, for a total value of $51,975.00. Following the completion of the transaction, the vice president now owns 39,000 shares in the company, valued at $270,270. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 109,396 shares of company stock worth $924,507. Company insiders own 6.90% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in AXTI. Voya Investment Management LLC purchased a new position in AXT during the second quarter worth about $100,000. Gotham Asset Management LLC purchased a new position in AXT during the first quarter worth about $101,000. SG Americas Securities LLC purchased a new position in AXT during the first quarter worth about $105,000. Sanctuary Wealth Advisors LLC purchased a new position in AXT during the first quarter worth about $116,000. Finally, BlueCrest Capital Management Ltd purchased a new position in AXT during the first quarter worth about $173,000. Hedge funds and other institutional investors own 56.73% of the company’s stock.

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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