Zacks Investment Research Lowers AXT (AXTI) to Hold

Zacks Investment Research downgraded shares of AXT (NASDAQ:AXTI) from a buy rating to a hold rating in a research note issued to investors on Monday.

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 research analysts also recently commented on AXTI. B. Riley raised their price objective on AXT from $8.50 to $8.75 and gave the stock a neutral rating in a research note on Thursday, October 26th. Needham & Company LLC reaffirmed a buy rating and issued a $11.00 price objective (up previously from $10.00) on shares of AXT in a research note on Thursday, October 26th. Finally, BidaskClub downgraded AXT from a strong-buy rating to a buy rating in a research note on Tuesday, December 5th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $9.90.

AXT (NASDAQ AXTI) remained flat at $$8.75 during midday trading on Monday. The stock had a trading volume of 674,400 shares, compared to its average volume of 661,050. AXT has a 12 month low of $4.75 and a 12 month high of $10.75. The stock has a market cap of $340.30, a P/E ratio of 36.46, a P/E/G ratio of 1.14 and a beta of 1.11.

AXT (NASDAQ:AXTI) last posted its quarterly earnings data on Wednesday, October 25th. The semiconductor company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.09 by $0.02. AXT had a return on equity of 5.67% and a net margin of 9.96%. The firm had revenue of $28.17 million for the quarter, compared to the consensus estimate of $27.05 million. During the same quarter last year, the company earned $0.07 earnings per share. The business’s revenue for the quarter was up 28.8% compared to the same quarter last year. equities research analysts predict that AXT will post 0.25 EPS for the current year.

In related news, CFO Gary L. Fischer sold 20,000 shares of the stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $9.16, for a total transaction of $183,200.00. Following the completion of the sale, the chief financial officer now owns 84,515 shares in the company, valued at $774,157.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Morris S. Young sold 30,000 shares of the stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $9.76, for a total value of $292,800.00. Following the sale, the chief executive officer now owns 1,211,970 shares of the company’s stock, valued at approximately $11,828,827.20. The disclosure for this sale can be found here. Insiders have sold 133,375 shares of company stock valued at $1,216,235 in the last quarter. 6.90% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC purchased a new stake in shares of AXT during the second quarter worth about $100,000. Ladenburg Thalmann Financial Services Inc. grew its position in shares of AXT by 94.2% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 21,550 shares of the semiconductor company’s stock worth $197,000 after purchasing an additional 10,451 shares in the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of AXT during the third quarter worth about $203,000. Gotham Asset Management LLC grew its position in shares of AXT by 35.5% during the second quarter. Gotham Asset Management LLC now owns 23,601 shares of the semiconductor company’s stock worth $150,000 after purchasing an additional 6,182 shares in the last quarter. Finally, Nationwide Fund Advisors grew its holdings in AXT by 278.0% during the 2nd quarter. Nationwide Fund Advisors now owns 28,407 shares of the semiconductor company’s stock valued at $180,000 after buying an additional 20,892 shares in the last quarter. Hedge funds and other institutional investors own 60.36% of the company’s stock.

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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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