Shares of AXT Inc (NASDAQ:AXTI) dropped 7.2% on Wednesday . The company traded as low as $9.55 and last traded at $9.65. Approximately 690,298 shares changed hands during trading, an increase of 15% from the average daily volume of 599,247 shares. The stock had previously closed at $10.40.

AXTI has been the topic of a number of research reports. Needham & Company LLC reiterated a “buy” rating and set a $10.00 price target on shares of AXT in a research report on Sunday, September 17th. Zacks Investment Research upgraded AXT from a “hold” rating to a “buy” rating and set a $9.75 price target on the stock in a research report on Friday, September 15th. BidaskClub cut AXT from a “strong-buy” rating to a “buy” rating in a research report on Monday, August 7th. Finally, B. Riley reiterated a “hold” rating and set a $8.50 price target on shares of AXT in a research report on Tuesday, October 24th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. AXT currently has an average rating of “Buy” and a consensus target price of $9.95.

The stock has a market capitalization of $404.47, a PE ratio of 43.02, a price-to-earnings-growth ratio of 2.27 and a beta of 1.13.

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

In related news, CEO Morris S. Young sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $9.76, for a total value of $292,800.00. Following the sale, the chief executive officer now directly owns 1,211,970 shares in the company, valued at approximately $11,828,827.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Robert G. Ochrym sold 8,125 shares of the firm’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $8.80, for a total value of $71,500.00. Following the completion of the sale, the vice president now owns 44,125 shares in the company, valued at $388,300. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 133,375 shares of company stock worth $1,216,235. 6.90% of the stock is owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Voya Investment Management LLC acquired a new stake in AXT in the 2nd quarter valued at approximately $100,000. Ladenburg Thalmann Financial Services Inc. increased its position in AXT by 94.2% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 21,550 shares of the semiconductor company’s stock valued at $197,000 after acquiring an additional 10,451 shares during the period. JPMorgan Chase & Co. acquired a new stake in AXT in the 3rd quarter valued at approximately $203,000. Gotham Asset Management LLC increased its position in AXT by 35.5% in the 2nd quarter. Gotham Asset Management LLC now owns 23,601 shares of the semiconductor company’s stock valued at $150,000 after acquiring an additional 6,182 shares during the period. Finally, Nationwide Fund Advisors increased its position in AXT by 278.0% in the 2nd quarter. Nationwide Fund Advisors now owns 28,407 shares of the semiconductor company’s stock valued at $180,000 after acquiring an additional 20,892 shares during the period. Hedge funds and other institutional investors own 60.36% of the company’s stock.

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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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