Short Interest in AXT Inc (NASDAQ:AXTI) Drops By 17.0%

AXT Inc (NASDAQ:AXTI) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 598,500 shares, a decline of 17.0% from the September 30th total of 721,100 shares. Based on an average daily volume of 194,100 shares, the days-to-cover ratio is currently 3.1 days. Currently, 1.7% of the shares of the stock are short sold.

NASDAQ AXTI opened at $3.07 on Friday. AXT has a fifty-two week low of $2.72 and a fifty-two week high of $6.14. The business has a fifty day moving average of $3.08 and a 200-day moving average of $3.90. The company has a quick ratio of 3.62, a current ratio of 4.69 and a debt-to-equity ratio of 0.01. The stock has a market cap of $119.86 million, a price-to-earnings ratio of 12.79 and a beta of 1.49.

AXT (NASDAQ:AXTI) last issued its earnings results on Wednesday, October 30th. The semiconductor company reported ($0.02) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.01. AXT had a negative return on equity of 0.84% and a negative net margin of 1.85%. The company had revenue of $19.80 million during the quarter, compared to the consensus estimate of $19.80 million. During the same quarter in the prior year, the business earned $0.10 earnings per share. The company’s revenue was down 30.8% compared to the same quarter last year. As a group, analysts anticipate that AXT will post -0.06 EPS for the current year.

Several brokerages recently issued reports on AXTI. Zacks Investment Research cut AXT from a “hold” rating to a “strong sell” rating in a report on Friday, November 1st. Dougherty & Co cut AXT from a “buy” rating to a “neutral” rating in a report on Thursday, October 3rd. TheStreet cut AXT from a “c” rating to a “d+” rating in a report on Friday, November 1st. ValuEngine raised AXT from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Finally, Northland Securities reissued a “buy” rating and issued a $6.00 price target on shares of AXT in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $5.58.

Large investors have recently added to or reduced their stakes in the stock. Allianz Asset Management GmbH lifted its stake in shares of AXT by 0.7% in the second quarter. Allianz Asset Management GmbH now owns 474,104 shares of the semiconductor company’s stock worth $1,877,000 after acquiring an additional 3,430 shares in the last quarter. Foundry Partners LLC lifted its stake in shares of AXT by 11.5% in the third quarter. Foundry Partners LLC now owns 664,395 shares of the semiconductor company’s stock worth $2,365,000 after acquiring an additional 68,500 shares in the last quarter. Northern Trust Corp lifted its stake in shares of AXT by 3.1% in the second quarter. Northern Trust Corp now owns 436,420 shares of the semiconductor company’s stock worth $1,729,000 after acquiring an additional 13,074 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of AXT in the second quarter worth about $54,000. Finally, River & Mercantile Asset Management LLP acquired a new position in shares of AXT in the second quarter worth about $1,673,000. Institutional investors and hedge funds own 55.96% of the company’s stock.

About AXT

AXT, Inc researches, develops, and produces compound and single element semiconductor substrates. It produces 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, radio frequency amplifier and switching, infrared light-emitting diode (LEDs) motion control, and infrared thermal imaging.

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