AXT (NASDAQ:AXTI) Updates Q2 2024 Earnings Guidance

AXT (NASDAQ:AXTI) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of -0.050–0.030 for the period, compared to the consensus earnings per share estimate of -0.050. The company issued revenue guidance of $25.5 million-$27.5 million, compared to the consensus revenue estimate of $26.3 million.

AXT Trading Down 1.1 %

NASDAQ AXTI traded down $0.04 on Thursday, hitting $3.74. 97,875 shares of the company traded hands, compared to its average volume of 2,030,480. The company has a market capitalization of $165.49 million, a price-to-earnings ratio of -9.35 and a beta of 2.28. The business’s 50 day moving average price is $3.97 and its 200-day moving average price is $2.97. AXT has a 52-week low of $1.89 and a 52-week high of $5.64.

AXT (NASDAQ:AXTI) last posted its quarterly earnings results on Thursday, May 2nd. The semiconductor company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The business had revenue of $22.69 million for the quarter, compared to analysts’ expectations of $21.00 million. AXT had a negative return on equity of 7.36% and a negative net margin of 21.01%. During the same period last year, the firm earned ($0.08) earnings per share. As a group, sell-side analysts predict that AXT will post -0.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Craig Hallum raised their price target on AXT from $3.75 to $5.00 and gave the company a buy rating in a report on Tuesday, April 9th. StockNews.com upgraded AXT from a sell rating to a hold rating in a report on Monday. Needham & Company LLC restated a buy rating and issued a $5.00 price target on shares of AXT in a research report on Friday, May 3rd. Wedbush reiterated an outperform rating and set a $6.00 price objective on shares of AXT in a research report on Friday, May 3rd. Finally, B. Riley raised their target price on shares of AXT from $3.80 to $5.50 and gave the stock a buy rating in a report on Friday, April 5th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, AXT currently has a consensus rating of Moderate Buy and a consensus price target of $5.38.

About AXT

AXT, Inc designs, develops, manufactures, and distributes compound and single element semiconductor substrates. The company offers indium phosphide for use in data center connectivity using light/lasers, high-speed data transfer in data centers, 5G communications, fiber optic lasers and detectors, consumer devices, passive optical networks, silicon photonics, photonic integrated circuits, thermo-photovoltaics, RF amplifier and switching, infrared light-emitting diode (LEDS) motion control, lidar for robotics and autonomous vehicles, and infrared thermal imaging.