AXT (NASDAQ:AXTI) Stock Price Down 7.4% – Here’s What Happened

Shares of AXT Inc (NASDAQ:AXTI) were down 7.4% on Thursday . The company traded as low as $61.51 and last traded at $62.3570. Approximately 5,902,023 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 8,836,484 shares. The stock had previously closed at $67.35.

Analyst Ratings Changes

Several equities analysts have recently issued reports on AXTI shares. Wedbush lifted their price target on AXT from $8.50 to $28.00 and gave the company an “outperform” rating in a research note on Friday, February 20th. UBS Group set a $35.00 price objective on AXT in a research note on Tuesday, February 17th. Wall Street Zen upgraded AXT from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. B. Riley Financial boosted their target price on AXT to $21.00 and gave the stock a “neutral” rating in a research note on Friday, February 20th. Finally, Craig Hallum reissued a “buy” rating on shares of AXT in a report on Friday, January 9th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, AXT currently has an average rating of “Hold” and an average price target of $22.80.

AXT Trading Down 13.0%

The company has a market capitalization of $3.26 billion, a P/E ratio of -122.68 and a beta of 1.75. The stock has a 50 day moving average price of $32.94 and a 200 day moving average price of $17.97.

AXT (NASDAQ:AXTI) last issued its quarterly earnings data on Thursday, February 19th. The semiconductor company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). AXT had a negative return on equity of 9.50% and a negative net margin of 24.07%.The firm had revenue of $23.04 million for the quarter, compared to the consensus estimate of $24.24 million. On average, research analysts predict that AXT Inc will post -0.12 EPS for the current year.

Insider Activity

In related news, Director Jesse Chen sold 8,083 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $50.25, for a total value of $406,170.75. Following the completion of the transaction, the director owned 109,526 shares in the company, valued at $5,503,681.50. This trade represents a 6.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David C. Chang sold 20,000 shares of AXT stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $46.00, for a total transaction of $920,000.00. Following the sale, the director owned 72,744 shares in the company, valued at approximately $3,346,224. This represents a 21.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 502,278 shares of company stock valued at $21,196,754. 8.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AXT

Large investors have recently modified their holdings of the business. CloudAlpha Capital Management Limited Hong Kong bought a new stake in shares of AXT in the fourth quarter worth $22,738,000. Alyeska Investment Group L.P. bought a new position in AXT during the 4th quarter worth $20,187,000. Jane Street Group LLC raised its position in AXT by 1,314.6% during the 4th quarter. Jane Street Group LLC now owns 904,599 shares of the semiconductor company’s stock worth $14,790,000 after purchasing an additional 840,650 shares during the last quarter. Maytree Asset Management Ltd acquired a new position in AXT during the 4th quarter worth about $11,156,000. Finally, Assenagon Asset Management S.A. lifted its holdings in AXT by 2,404.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 574,828 shares of the semiconductor company’s stock worth $9,398,000 after buying an additional 551,876 shares during the period. Institutional investors own 49.52% of the company’s stock.

About AXT

AXT, Inc (NASDAQ: AXTI) is a global supplier of compound and single-element semiconductor substrates, offering a range of materials critical for high-performance electronic and optoelectronic devices. Founded in 1986 and headquartered in Fremont, California, AXT specializes in the development, manufacture and distribution of wafers composed of gallium arsenide (GaAs), indium phosphide (InP), gallium nitride (GaN) and other compound semiconductor materials. These substrates serve as the foundational platforms for devices used in data communications, wireless infrastructure, advanced computing, consumer electronics and photovoltaic applications.

AXT’s product portfolio encompasses a variety of wafer sizes, dopant concentrations and crystal orientations, tailored to meet the precise specifications of its customers.