Connor Clark & Lunn Investment Management Ltd. Decreases Holdings in AXT Inc $AXTI

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of AXT Inc (NASDAQ:AXTI) by 80.9% in the second quarter, Holdings Channel reports. The firm owned 48,061 shares of the semiconductor company’s stock after selling 204,225 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in AXT were worth $100,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of AXTI. GSA Capital Partners LLP lifted its stake in AXT by 43.2% in the 1st quarter. GSA Capital Partners LLP now owns 533,264 shares of the semiconductor company’s stock valued at $752,000 after buying an additional 160,858 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of AXT by 75.0% during the first quarter. Jacobs Levy Equity Management Inc. now owns 530,269 shares of the semiconductor company’s stock valued at $748,000 after acquiring an additional 227,333 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of AXT by 2.8% in the first quarter. Acadian Asset Management LLC now owns 293,818 shares of the semiconductor company’s stock valued at $412,000 after acquiring an additional 8,039 shares in the last quarter. Atlas Brown Inc. lifted its position in shares of AXT by 100.0% in the second quarter. Atlas Brown Inc. now owns 39,150 shares of the semiconductor company’s stock valued at $82,000 after acquiring an additional 19,575 shares in the last quarter. Finally, Algert Global LLC acquired a new stake in shares of AXT in the first quarter worth approximately $31,000. Institutional investors and hedge funds own 49.52% of the company’s stock.

AXT Price Performance

Shares of NASDAQ AXTI opened at $8.93 on Friday. The company has a market capitalization of $416.34 million, a P/E ratio of -16.24 and a beta of 2.33. The company has a 50 day simple moving average of $6.49 and a 200-day simple moving average of $3.66. AXT Inc has a 1 year low of $1.13 and a 1 year high of $11.88.

AXT (NASDAQ:AXTI) last released its quarterly earnings data on Thursday, October 30th. The semiconductor company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.08. The firm had revenue of $27.96 million for the quarter, compared to analysts’ expectations of $19.85 million. AXT had a negative return on equity of 11.38% and a negative net margin of 27.68%. As a group, research analysts expect that AXT Inc will post -0.12 EPS for the current year.

Analyst Upgrades and Downgrades

AXTI has been the subject of several recent research reports. Northland Securities set a $10.00 price objective on AXT in a research note on Friday, October 31st. Wedbush set a $7.00 target price on shares of AXT and gave the company an “outperform” rating in a research report on Wednesday, October 29th. Wall Street Zen upgraded shares of AXT from a “sell” rating to a “hold” rating in a research report on Saturday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AXT in a research note on Wednesday, October 8th. Finally, Needham & Company LLC raised their target price on shares of AXT from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $9.00.

Insider Transactions at AXT

In other news, CEO Morris S. Young sold 80,000 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $8.65, for a total transaction of $692,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,439,490 shares in the company, valued at approximately $21,101,588.50. This represents a 3.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David C. Chang sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $8.94, for a total value of $894,000.00. Following the sale, the director directly owned 207,744 shares of the company’s stock, valued at $1,857,231.36. The trade was a 32.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 216,767 shares of company stock worth $1,960,808. 8.80% of the stock is currently owned by company insiders.

AXT Profile

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.