AXT (AXTI) Shares Up 0% on Earnings Beat

AXT Inc (NASDAQ:AXTI) shares shot up 0% during trading on Thursday following a better than expected earnings announcement. The company traded as high as $6.40 and last traded at $6.35. 806,029 shares traded hands during mid-day trading, an increase of 88% from the average session volume of 429,181 shares. The stock had previously closed at $6.35.

The semiconductor company reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.01. The company had revenue of $24.40 million during the quarter, compared to the consensus estimate of $24.24 million. AXT had a return on equity of 5.81% and a net margin of 10.28%. AXT’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.02 EPS.

A number of research firms recently weighed in on AXTI. Zacks Investment Research upgraded AXT from a “hold” rating to a “buy” rating and set a $9.75 target price for the company in a research report on Wednesday, December 27th. TheStreet downgraded AXT from a “b” rating to a “c+” rating in a research report on Wednesday, April 18th. B. Riley dropped their target price on AXT from $8.75 to $8.25 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. BidaskClub downgraded AXT from a “buy” rating to a “hold” rating in a research report on Friday, January 26th. Finally, Dougherty & Co restated a “buy” rating on shares of AXT in a research report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $10.44.

A number of hedge funds have recently made changes to their positions in the business. Schwab Charles Investment Management Inc. lifted its position in AXT by 10.6% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 74,674 shares of the semiconductor company’s stock valued at $650,000 after purchasing an additional 7,174 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its position in AXT by 94.2% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 21,550 shares of the semiconductor company’s stock valued at $197,000 after purchasing an additional 10,451 shares during the last quarter. KBC Group NV lifted its position in AXT by 15.0% in the fourth quarter. KBC Group NV now owns 97,026 shares of the semiconductor company’s stock valued at $844,000 after purchasing an additional 12,684 shares during the last quarter. Capital Fund Management S.A. bought a new stake in AXT in the fourth quarter valued at approximately $126,000. Finally, MetLife Investment Advisors LLC bought a new stake in AXT in the fourth quarter valued at approximately $166,000. Hedge funds and other institutional investors own 55.89% of the company’s stock.

The stock has a market cap of $246.49, a price-to-earnings ratio of 24.42, a P/E/G ratio of 1.08 and a beta of 1.06.

AXT Company Profile

AXT, Inc designs, develops, manufactures, and distributes compound and single element semiconductor substrates. It manufactures semiconductor substrates using its proprietary vertical gradient freeze technology. The company offers indium phosphide (InP) for use in fiber optic lasers and detectors, passive optical networks, data center connectivity, silicon photonics, photonic integrated circuits, terrestrial solar cells, lasers, military wireless RF amplifiers, infrared motion control, and infrared thermal imaging products.

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