Wedbush Reiterates “Outperform” Rating for AXT (NASDAQ:AXTI)

Wedbush reaffirmed their outperform rating on shares of AXT (NASDAQ:AXTI) in a report published on Friday morning, Benzinga reports. Wedbush currently has a $6.00 price objective on the semiconductor company’s stock.

AXTI has been the topic of a number of other research reports. StockNews.com cut shares of AXT from a hold rating to a sell rating in a research note on Saturday, March 2nd. Needham & Company LLC restated a buy rating and set a $5.00 price objective on shares of AXT in a research report on Friday. B. Riley upped their target price on shares of AXT from $3.80 to $5.50 and gave the stock a buy rating in a report on Friday, April 5th. Finally, Craig Hallum raised their price target on AXT from $3.75 to $5.00 and gave the company a buy rating in a report on Tuesday, April 9th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $5.38.

AXT Price Performance

NASDAQ:AXTI opened at $3.66 on Friday. The firm has a market capitalization of $161.96 million, a price-to-earnings ratio of -9.15 and a beta of 2.28. The business has a fifty day moving average price of $4.03 and a 200-day moving average price of $2.94. AXT has a one year low of $1.89 and a one year high of $5.64.

AXT (NASDAQ:AXTI) last issued its quarterly earnings results on Thursday, May 2nd. The semiconductor company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. AXT had a negative return on equity of 7.36% and a negative net margin of 21.01%. The business had revenue of $22.69 million during the quarter, compared to analysts’ expectations of $21.00 million. During the same quarter in the prior year, the business posted ($0.08) earnings per share. On average, equities research analysts expect that AXT will post -0.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AXT

Several hedge funds have recently modified their holdings of AXTI. James Investment Research Inc. purchased a new stake in AXT in the 3rd quarter worth $38,000. Barclays PLC purchased a new stake in shares of AXT in the third quarter worth about $60,000. White Pine Capital LLC boosted its stake in AXT by 9.8% during the third quarter. White Pine Capital LLC now owns 450,737 shares of the semiconductor company’s stock valued at $1,082,000 after buying an additional 40,347 shares during the last quarter. Pacific Ridge Capital Partners LLC grew its holdings in AXT by 1.8% during the 3rd quarter. Pacific Ridge Capital Partners LLC now owns 1,232,069 shares of the semiconductor company’s stock valued at $2,957,000 after buying an additional 21,973 shares in the last quarter. Finally, Algert Global LLC bought a new stake in AXT in the 3rd quarter worth approximately $85,000. Hedge funds and other institutional investors own 49.52% of the company’s stock.

AXT Company Profile

AXT, Inc designs, develops, manufactures, and distributes compound and single element semiconductor substrates. The company offers indium phosphide for use in data center connectivity using light/lasers, high-speed data transfer in data centers, 5G communications, fiber optic lasers and detectors, consumer devices, passive optical networks, silicon photonics, photonic integrated circuits, thermo-photovoltaics, RF amplifier and switching, infrared light-emitting diode (LEDS) motion control, lidar for robotics and autonomous vehicles, and infrared thermal imaging.