AXT (NASDAQ:AXTI) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of AXT (NASDAQ:AXTI) from a hold rating to a buy rating in a research note released on Monday morning, Zacks.com reports. They currently have $12.00 price objective on the semiconductor company’s stock.

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 several other research reports. Craig Hallum reiterated a buy rating and set a $17.00 target price on shares of AXT in a research note on Friday, February 19th. BWS Financial boosted their target price on shares of AXT from $14.00 to $20.00 and gave the company a buy rating in a research note on Friday, February 19th. B. Riley boosted their target price on shares of AXT from $10.50 to $12.00 and gave the company a neutral rating in a research note on Friday, February 19th. Finally, Northland Securities boosted their target price on shares of AXT from $10.00 to $15.00 and gave the company an outperform rating in a research note on Friday, February 19th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $15.20.

Shares of NASDAQ:AXTI opened at $10.18 on Monday. The stock has a fifty day moving average of $10.44. The company has a market capitalization of $430.61 million, a price-to-earnings ratio of 63.63 and a beta of 2.28. AXT has a 12-month low of $4.30 and a 12-month high of $15.84.

AXT (NASDAQ:AXTI) last issued its quarterly earnings results on Tuesday, April 27th. The semiconductor company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. AXT had a net margin of 6.45% and a return on equity of 3.42%. The business had revenue of $31.35 million during the quarter, compared to analyst estimates of $29.11 million. As a group, equities analysts predict that AXT will post 0.29 earnings per share for the current year.

In other news, CEO Morris S. Young sold 30,275 shares of the business’s stock in a transaction on Wednesday, May 5th. The shares were sold at an average price of $9.64, for a total transaction of $291,851.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Gary L. Fischer sold 10,000 shares of the business’s stock in a transaction on Thursday, April 1st. The shares were sold at an average price of $12.03, for a total transaction of $120,300.00. Following the transaction, the chief financial officer now directly owns 328,495 shares of the company’s stock, valued at approximately $3,951,794.85. The disclosure for this sale can be found here. In the last three months, insiders have sold 109,550 shares of company stock valued at $1,216,568. Corporate insiders own 8.33% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in AXTI. Lazard Asset Management LLC acquired a new position in shares of AXT during the first quarter valued at $36,000. Rockefeller Capital Management L.P. acquired a new position in shares of AXT during the first quarter valued at $46,000. Dorsey Wright & Associates lifted its holdings in AXT by 134.9% in the first quarter. Dorsey Wright & Associates now owns 4,190 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 2,406 shares during the period. Citigroup Inc. lifted its holdings in AXT by 306.7% in the fourth quarter. Citigroup Inc. now owns 7,630 shares of the semiconductor company’s stock worth $73,000 after purchasing an additional 5,754 shares during the period. Finally, Captrust Financial Advisors acquired a new stake in AXT in the first quarter worth about $77,000. 58.50% of the stock is owned by institutional investors.

AXT Company Profile

AXT, Inc designs, develops, manufactures, and distributes compound and single element semiconductor substrates. It produces semiconductor substrates using its proprietary vertical gradient freeze technology. The company offers indium phosphide for use in data center connectivity using light/lasers, 5G communications, fiber optic lasers and detectors, passive optical networks, silicon photonics, photonic integrated circuits, terrestrial solar cells, RF amplifier and switching, infrared light-emitting diode (LEDS) motion control, lidar for robotics and autonomous vehicles, and infrared thermal imaging.

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