Destination Wealth Management Purchases New Position in AXT Inc $AXTI

Destination Wealth Management acquired a new position in AXT Inc (NASDAQ:AXTI) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 101,900 shares of the semiconductor company’s stock, valued at approximately $458,000.

Several other institutional investors also recently bought and sold shares of AXTI. Jefferies Financial Group Inc. bought a new stake in AXT during the 3rd quarter valued at $52,000. XTX Topco Ltd bought a new position in shares of AXT during the 2nd quarter worth $42,000. Assenagon Asset Management S.A. increased its stake in shares of AXT by 12.4% during the third quarter. Assenagon Asset Management S.A. now owns 22,952 shares of the semiconductor company’s stock valued at $103,000 after buying an additional 2,540 shares during the period. Pinpoint Asset Management Singapore Pte. Ltd. increased its stake in shares of AXT by 2,333,600.0% during the third quarter. Pinpoint Asset Management Singapore Pte. Ltd. now owns 23,337 shares of the semiconductor company’s stock valued at $105,000 after buying an additional 23,336 shares during the period. Finally, Wesbanco Bank Inc. bought a new stake in shares of AXT in the third quarter valued at about $112,000. 49.52% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AXTI has been the topic of several recent research reports. UBS Group set a $35.00 target price on shares of AXT in a report on Tuesday, February 17th. Wall Street Zen raised shares of AXT from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Needham & Company LLC lowered shares of AXT from a “buy” rating to a “hold” rating in a report on Tuesday, January 20th. B. Riley Financial boosted their price objective on shares of AXT to $21.00 and gave the stock a “neutral” rating in a research note on Friday, February 20th. Finally, Craig Hallum restated a “buy” rating on shares of AXT in a report on Friday, January 9th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $22.80.

Insiders Place Their Bets

In related news, Director David C. Chang sold 20,000 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $46.00, for a total value of $920,000.00. Following the completion of the transaction, the director directly owned 72,744 shares of the company’s stock, valued at $3,346,224. This trade represents a 21.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Morris S. Young sold 37,905 shares of AXT stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $51.13, for a total transaction of $1,938,082.65. Following the completion of the sale, the chief executive officer owned 2,275,328 shares of the company’s stock, valued at $116,337,520.64. This trade represents a 1.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 502,278 shares of company stock valued at $21,196,754. 8.80% of the stock is currently owned by corporate insiders.

AXT Trading Down 1.0%

Shares of AXTI opened at $48.39 on Tuesday. The firm has a market cap of $2.67 billion, a PE ratio of -100.81 and a beta of 1.74. AXT Inc has a 12 month low of $1.13 and a 12 month high of $52.70. The stock has a fifty day moving average price of $28.01 and a 200-day moving average price of $15.37.

AXT (NASDAQ:AXTI) last announced its earnings results on Thursday, February 19th. The semiconductor company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.01). AXT had a negative return on equity of 10.59% and a negative net margin of 24.07%.The business had revenue of $23.04 million for the quarter, compared to analysts’ expectations of $24.24 million. As a group, research analysts forecast that AXT Inc will post -0.12 EPS for the current year.

AXT Profile

AXT, Inc (NASDAQ: AXTI) is a global supplier of compound and single-element semiconductor substrates, offering a range of materials critical for high-performance electronic and optoelectronic devices. Founded in 1986 and headquartered in Fremont, California, AXT specializes in the development, manufacture and distribution of wafers composed of gallium arsenide (GaAs), indium phosphide (InP), gallium nitride (GaN) and other compound semiconductor materials. These substrates serve as the foundational platforms for devices used in data communications, wireless infrastructure, advanced computing, consumer electronics and photovoltaic applications.

AXT’s product portfolio encompasses a variety of wafer sizes, dopant concentrations and crystal orientations, tailored to meet the precise specifications of its customers.