AXT (NASDAQ:AXTI) Releases Q2 2024 Earnings Guidance

AXT (NASDAQ:AXTI) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of -0.050–0.030 for the period, compared to the consensus estimate of -0.050. The company issued revenue guidance of $25.5 million-$27.5 million, compared to the consensus revenue estimate of $26.3 million.

AXT Stock Down 2.6 %

Shares of AXTI stock traded down $0.10 on Wednesday, hitting $3.76. The stock had a trading volume of 343,699 shares, compared to its average volume of 2,050,851. AXT has a one year low of $1.89 and a one year high of $5.64. The business has a 50 day moving average price of $3.99 and a 200 day moving average price of $2.96. The company has a market cap of $166.38 million, a PE ratio of -9.65 and a beta of 2.28.

AXT (NASDAQ:AXTI) last posted its earnings results on Thursday, May 2nd. The semiconductor company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.03. The firm had revenue of $22.69 million for the quarter, compared to analyst estimates of $21.00 million. AXT had a negative return on equity of 7.36% and a negative net margin of 21.01%. During the same period last year, the company earned ($0.08) earnings per share. Equities research analysts expect that AXT will post -0.1 EPS for the current year.

Wall Street Analysts Forecast Growth

AXTI has been the subject of a number of recent research reports. StockNews.com upgraded AXT from a sell rating to a hold rating in a report on Monday. B. Riley lifted their price objective on shares of AXT from $3.80 to $5.50 and gave the stock a buy rating in a research report on Friday, April 5th. Craig Hallum raised their price target on AXT from $3.75 to $5.00 and gave the company a buy rating in a research note on Tuesday, April 9th. Needham & Company LLC reissued a buy rating and set a $5.00 target price on shares of AXT in a research report on Friday, May 3rd. Finally, Wedbush reaffirmed an outperform rating and set a $6.00 price objective on shares of AXT in a research report on Friday, May 3rd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, AXT has an average rating of Moderate Buy and an average target price of $5.38.

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.