Northland Securities Cuts AXT (NASDAQ:AXTI) Price Target to $5.00

AXT (NASDAQ:AXTI) had its target price cut by Northland Securities from $6.00 to $5.00 in a research note published on Friday morning, Benzinga reports. They currently have an outperform rating on the semiconductor company’s stock.

Several other brokerages have also issued reports on AXTI. Wedbush reiterated an “outperform” rating and issued a $6.00 price target on shares of AXT in a research note on Monday, July 29th. Needham & Company LLC reiterated a “buy” rating and issued a $5.00 price target on shares of AXT in a research note on Friday. Finally, StockNews.com lowered AXT from a “hold” rating to a “sell” rating in a research note on Monday, September 30th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $5.30.

AXT Stock Down 18.2 %

NASDAQ AXTI opened at $2.11 on Friday. The company has a market capitalization of $93.85 million, a P/E ratio of -8.44 and a beta of 2.22. AXT has a 12-month low of $1.89 and a 12-month high of $5.64. The firm has a 50-day moving average price of $2.46 and a two-hundred day moving average price of $3.01.

AXT (NASDAQ:AXTI) last issued its quarterly earnings results on Thursday, October 31st. The semiconductor company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). The firm had revenue of $23.65 million for the quarter, compared to the consensus estimate of $25.98 million. AXT had a negative return on equity of 4.58% and a negative net margin of 10.73%. During the same period last year, the company posted ($0.14) EPS. Equities analysts expect that AXT will post -0.19 EPS for the current year.

Institutional Investors Weigh In On AXT

Hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC lifted its holdings in AXT by 1,142.1% during the 2nd quarter. Renaissance Technologies LLC now owns 377,600 shares of the semiconductor company’s stock worth $1,276,000 after buying an additional 347,200 shares during the period. Acadian Asset Management LLC lifted its holdings in AXT by 833.3% during the 2nd quarter. Acadian Asset Management LLC now owns 272,416 shares of the semiconductor company’s stock worth $919,000 after buying an additional 243,226 shares during the period. ClariVest Asset Management LLC acquired a new position in AXT during the 1st quarter worth about $743,000. Legato Capital Management LLC acquired a new position in AXT during the 2nd quarter worth about $503,000. Finally, Cubist Systematic Strategies LLC acquired a new position in AXT during the 2nd quarter worth about $468,000. Institutional investors and hedge funds own 49.52% of the company’s stock.

About AXT

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.