AXT (NASDAQ:AXTI) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of AXT (NASDAQ:AXTIGet Rating) from a buy rating to a sell rating in a research note released on Tuesday morning, Zacks.com reports.

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 topic of a number of other research reports. Wedbush reaffirmed an outperform rating and set a $13.00 target price on shares of AXT in a research note on Wednesday, March 9th. Northland Securities cut their target price on shares of AXT from $15.00 to $12.00 in a research note on Friday, April 29th. B. Riley cut their target price on shares of AXT from $9.50 to $8.00 in a research note on Friday, April 29th. Finally, StockNews.com started coverage on shares of AXT in a research note on Thursday, March 31st. They set a sell rating on the stock. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Hold and an average price target of $9.88.

Shares of AXT stock opened at $6.04 on Tuesday. The firm has a market cap of $259.43 million, a PE ratio of 18.30 and a beta of 2.09. AXT has a 12-month low of $5.68 and a 12-month high of $12.35. The company’s fifty day simple moving average is $6.75 and its two-hundred day simple moving average is $7.72.

AXT (NASDAQ:AXTIGet Rating) last announced its quarterly earnings results on Thursday, April 28th. The semiconductor company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. AXT had a net margin of 9.83% and a return on equity of 6.51%. During the same period last year, the firm posted $0.08 EPS. As a group, sell-side analysts expect that AXT will post 0.38 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of AXTI. SG Americas Securities LLC purchased a new position in AXT during the 3rd quarter valued at about $200,000. Victory Capital Management Inc. raised its holdings in AXT by 25.6% in the third quarter. Victory Capital Management Inc. now owns 21,467 shares of the semiconductor company’s stock worth $179,000 after buying an additional 4,372 shares during the last quarter. Advisor Group Holdings Inc. raised its holdings in AXT by 124.2% in the third quarter. Advisor Group Holdings Inc. now owns 7,735 shares of the semiconductor company’s stock worth $65,000 after buying an additional 4,285 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in AXT in the third quarter worth about $424,000. Finally, M&G Investment Management Ltd. raised its holdings in AXT by 26.3% in the third quarter. M&G Investment Management Ltd. now owns 255,021 shares of the semiconductor company’s stock worth $2,040,000 after buying an additional 53,157 shares during the last quarter. 53.51% of the stock is owned by institutional investors.

About AXT (Get Rating)

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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