AXT Inc (AXTI) Downgraded 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 report issued on Tuesday, October 17th.

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. “

Other equities analysts also recently issued research reports about the company. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 price target on shares of AXT in a research report on Sunday, September 17th. B. Riley reissued a “neutral” rating and issued a $8.50 price objective on shares of AXT in a report on Tuesday, August 1st. BidaskClub raised AXT from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 1st. Finally, BWS Financial raised their price target on AXT from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, July 27th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. AXT currently has an average rating of “Buy” and a consensus price target of $9.95.

Shares of AXT (AXTI) traded up $0.25 during trading hours on Tuesday, reaching $9.05. The company’s stock had a trading volume of 388,269 shares, compared to its average volume of 366,515. The company has a market cap of $340.16, a PE ratio of 36.67, a P/E/G ratio of 1.93 and a beta of 1.13. AXT has a 12-month low of $4.35 and a 12-month high of $9.70.

AXT (NASDAQ:AXTI) last posted its earnings results on Wednesday, October 25th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. AXT had a return on equity of 5.84% and a net margin of 9.96%. The business had revenue of $28.17 million during the quarter, compared to analysts’ expectations of $27.05 million. During the same period in the prior year, the business earned $0.07 EPS. AXT’s revenue for the quarter was up 28.8% compared to the same quarter last year. analysts forecast that AXT will post 0.26 earnings per share for the current fiscal year.

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Several institutional investors have recently bought and sold shares of the stock. Wells Fargo & Company MN increased its holdings in AXT by 34.2% in the first 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 in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of AXT by 314.4% during the first quarter. Bank of New York Mellon Corp now owns 148,703 shares of the semiconductor company’s stock valued at $862,000 after acquiring an additional 112,818 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in shares of AXT during the first quarter valued at approximately $1,054,000. SG Americas Securities LLC bought a new stake in shares of AXT during the first quarter valued at approximately $105,000. Finally, Royce & Associates LP increased its holdings in shares of AXT by 16.0% during the first quarter. Royce & Associates LP now owns 809,743 shares of the semiconductor company’s stock valued at $4,697,000 after acquiring an additional 111,886 shares in the last quarter. 60.76% 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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