AXT Inc. (AXTI) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS
AXT Inc. (NASDAQ:AXTI) released its earnings results on Wednesday. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.04 by $0.03. AXT had a negative net margin of 0.01% and a negative return on equity of 0.01%. The firm had revenue of $21.90 million for the quarter, compared to the consensus estimate of $12.52 billion. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year.
AXT (NASDAQ:AXTI) opened at 5.73 on Thursday. The company’s market cap is $183.59 million. AXT has a 52-week low of $2.12 and a 52-week high of $5.97. The firm’s 50-day moving average is $5.13 and its 200-day moving average is $3.87.
AXTI has been the topic of several research analyst reports. Needham & Company LLC boosted their target price on shares of AXT from $5.50 to $6.50 and gave the stock a “buy” rating in a report on Thursday. B. Riley restated a “buy” rating and issued a $6.25 price target on shares of AXT in a research report on Wednesday, October 5th. Zacks Investment Research upgraded shares of AXT from a “hold” rating to a “buy” rating and set a $3.75 price target on the stock in a research report on Tuesday, July 12th. Finally, Northland Securities boosted their price target on shares of AXT from $4.50 to $7.00 and gave the stock an “outperform” rating in a research report on Thursday, September 29th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $6.06.
In other news, VP Robert G. Ochrym sold 26,577 shares of AXT stock in a transaction on Monday, August 29th. The stock was sold at an average price of $4.39, for a total transaction of $116,673.03. Following the transaction, the vice president now owns 55,577 shares in the company, valued at approximately $243,983.03. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 7.29% of the company’s stock.
Several hedge funds have recently modified their holdings of AXTI. Dimensional Fund Advisors LP increased its stake in shares of AXT by 2.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,885,895 shares of the company’s stock worth $6,016,000 after buying an additional 44,701 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of AXT by 1.5% in the second quarter. Vanguard Group Inc. now owns 1,420,128 shares of the company’s stock worth $4,530,000 after buying an additional 21,488 shares during the last quarter. EAM Investors LLC acquired a new stake in shares of AXT during the second quarter worth about $1,289,000. ClariVest Asset Management LLC acquired a new stake in shares of AXT during the second quarter worth about $822,000. Finally, Coe Capital Management LLC acquired a new stake in shares of AXT during the second quarter worth about $391,000. 42.35% of the stock is owned by hedge funds and other institutional investors.
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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