Brokerages Set AXT Inc (AXTI) Target Price at $10.58

AXT Inc (NASDAQ:AXTI) has been assigned an average rating of “Buy” from the six analysts that are presently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $10.58.

Several brokerages have recently issued reports on AXTI. BidaskClub raised shares of AXT from a “hold” rating to a “buy” rating in a report on Wednesday. Zacks Investment Research lowered shares of AXT from a “buy” rating to a “hold” rating in a report on Monday, January 1st. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective (up from $10.00) on shares of AXT in a research report on Thursday, October 26th. Finally, B. Riley boosted their price objective on shares of AXT from $8.50 to $8.75 and gave the company a “neutral” rating in a research report on Thursday, October 26th.

Shares of AXT (NASDAQ:AXTI) traded up $0.30 during mid-day trading on Friday, hitting $8.30. 244,307 shares of the stock traded hands, compared to its average volume of 398,242. AXT has a one year low of $5.10 and a one year high of $10.75. The firm has a market cap of $313.08, a price-to-earnings ratio of 34.58, a price-to-earnings-growth ratio of 1.07 and a beta of 1.01.

In related news, CEO Morris S. Young sold 30,000 shares of the business’s stock in a transaction on Monday, November 20th. The shares were 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 of the company’s stock, valued at approximately $11,828,827.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert G. Ochrym sold 25,250 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $8.94, for a total transaction of $225,735.00. Following the completion of the sale, the vice president now directly owns 10,750 shares in the company, valued at $96,105. The disclosure for this sale can be found here. Insiders sold a total of 75,250 shares of company stock worth $701,735 over the last ninety days. 6.90% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of AXTI. State Street Corp lifted its position in AXT by 2,392.6% during the 2nd quarter. State Street Corp now owns 461,458 shares of the semiconductor company’s stock worth $2,931,000 after buying an additional 442,945 shares in the last quarter. New York State Common Retirement Fund lifted its position in AXT by 233.8% during the 2nd quarter. New York State Common Retirement Fund now owns 608,093 shares of the semiconductor company’s stock worth $3,861,000 after buying an additional 425,912 shares in the last quarter. Northern Trust Corp lifted its position in AXT by 403.6% during the 2nd quarter. Northern Trust Corp now owns 402,536 shares of the semiconductor company’s stock worth $2,556,000 after buying an additional 322,598 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of AXT by 11.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,877,282 shares of the semiconductor company’s stock worth $18,271,000 after purchasing an additional 284,259 shares during the last quarter. Finally, Hood River Capital Management LLC increased its stake in shares of AXT by 28.1% during the 3rd quarter. Hood River Capital Management LLC now owns 1,292,928 shares of the semiconductor company’s stock worth $11,830,000 after purchasing an additional 283,909 shares during the last quarter. 58.93% of the stock is currently owned by hedge funds and other institutional investors.

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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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