AXT Inc (NASDAQ:AXTI) Stock Rating Reaffirmed by Needham & Company LLC

AXT Inc (NASDAQ:AXTI)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a report released on Thursday, October 26th, MarketBeat reports. They presently have a $11.00 target price on the semiconductor company’s stock, up from their prior target price of $10.00. Needham & Company LLC’s target price would indicate a potential upside of 25.71% from the company’s current price.

A number of other analysts have also recently issued reports on AXTI. BidaskClub upgraded shares of AXT from a “hold” rating to a “buy” rating in a research note on Thursday, July 13th. B. Riley restated a “neutral” rating and issued a $7.00 price objective on shares of AXT in a research note on Friday, July 21st. BWS Financial boosted their price objective on shares of AXT from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, July 27th. Finally, Zacks Investment Research upgraded shares of AXT from a “hold” rating to a “buy” rating and set a $9.75 price objective for the company in a research note on Friday, July 28th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $9.95.

AXT (NASDAQ:AXTI) opened at $8.75 on Thursday. The stock has a market cap of $340.30, a P/E ratio of 36.46, a PEG ratio of 1.92 and a beta of 1.13. AXT has a 52 week low of $4.35 and a 52 week high of $9.70.

AXT (NASDAQ:AXTI) last released its earnings results on Wednesday, October 25th. The semiconductor company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.02. AXT had a net margin of 9.96% and a return on equity of 5.67%. The business had revenue of $28.17 million for the quarter, compared to the consensus estimate of $27.05 million. During the same period last year, the firm posted $0.07 earnings per share. The firm’s quarterly revenue was up 28.8% compared to the same quarter last year. research analysts predict that AXT will post 0.26 earnings per share for the current year.

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In related news, CEO Morris S. Young sold 50,000 shares of the stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $8.86, for a total value of $443,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Robert G. Ochrym sold 8,125 shares of the stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $8.80, for a total value of $71,500.00. Following the sale, the vice president now directly owns 44,125 shares of the company’s stock, valued at $388,300. The disclosure for this sale can be found here. 6.90% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC grew its stake in shares of AXT by 12.1% during the 1st quarter. Geode Capital Management LLC now owns 215,960 shares of the semiconductor company’s stock worth $1,252,000 after acquiring an additional 23,341 shares in the last quarter. BlueCrest Capital Management Ltd acquired a new stake in shares of AXT in the 1st quarter valued at approximately $173,000. Royce & Associates LP boosted its holdings in shares of AXT by 13.5% in the 2nd quarter. Royce & Associates LP now owns 918,980 shares of the semiconductor company’s stock valued at $5,836,000 after buying an additional 109,237 shares during the last quarter. Rhumbline Advisers acquired a new stake in shares of AXT in the 2nd quarter valued at approximately $253,000. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of AXT by 216.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 155,687 shares of the semiconductor company’s stock valued at $903,000 after buying an additional 106,426 shares during the last quarter. 60.56% of the stock is owned by institutional investors.

About AXT

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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