AXT (NASDAQ:AXTI) Shares Down 6.4% After Insider Selling

AXT Inc (NASDAQ:AXTI) shares fell 6.4% after insider selling by Director David C. Chang, who sold 25,000 shares at $12.33 and another 25,000 at $10.72. The stock's trading volume decreased by 21% from the average. Analysts have mixed ratings on AXT, with a consensus of 'Moderate Buy' and an average target price of $9.00. Institutional investors have been adjusting their holdings, with significant changes in the third quarter.

AXT Inc (NASDAQ:AXTI - Get Free Report) shares dropped 6.4% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $10.60 and last traded at $11.0040. Approximately 876,281 shares were traded during trading, a decline of 21% from the average daily volume of 1,114,453 shares. The stock had previously closed at $11.76.

Specifically, Director David C. Chang sold 25,000 shares of the company's stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $12.33, for a total value of $308,250.00. Following the transaction, the director owned 157,744 shares in the company, valued at approximately $1,944,983.52. This represents a 13.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David C. Chang sold 25,000 shares of the company's stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $10.72, for a total value of $268,000.00. Following the completion of the transaction, the director directly owned 182,744 shares in the company, valued at $1,959,015.68. The trade was a 12.03% decrease in their position. The SEC filing for this sale provides additional information.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AXTI. B. Riley lifted their price target on AXT from $4.00 to $9.00 and gave the stock a "buy" rating in a report on Friday, October 31st. Wall Street Zen raised shares of AXT from a "sell" rating to a "hold" rating in a research report on Saturday, November 22nd. Needham & Company LLC upped their price target on shares of AXT from $5.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, October 31st. Northland Securities set a $10.00 price objective on shares of AXT in a research note on Friday, October 31st. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of AXT in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, AXT has a consensus rating of "Moderate Buy" and an average target price of $9.00.

Check Out Our Latest Stock Analysis on AXT

AXT Stock Performance

The stock has a market capitalization of $526.57 million, a P/E ratio of -21.70 and a beta of 1.97. The firm's fifty day simple moving average is $7.33 and its 200 day simple moving average is $4.13.

AXT (NASDAQ:AXTI - Get Free Report) last issued its quarterly earnings results on Thursday, October 30th. The semiconductor company reported ($0.04) earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.08. The company had revenue of $27.96 million during the quarter, compared to the consensus estimate of $19.85 million. AXT had a negative net margin of 25.22% and a negative return on equity of 11.19%. Analysts anticipate that AXT Inc will post -0.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AXT

A number of large investors have recently modified their holdings of the business. Penn Capital Management Company LLC bought a new position in shares of AXT in the 3rd quarter valued at $729,000. Qube Research & Technologies Ltd grew its position in AXT by 39.7% in the third quarter. Qube Research & Technologies Ltd now owns 205,822 shares of the semiconductor company's stock valued at $924,000 after acquiring an additional 58,542 shares during the last quarter. Millennium Management LLC bought a new position in AXT in the third quarter valued at about $136,000. Destination Wealth Management acquired a new position in AXT during the third quarter worth about $458,000. Finally, Citadel Advisors LLC lifted its holdings in shares of AXT by 339.6% in the third quarter. Citadel Advisors LLC now owns 405,978 shares of the semiconductor company's stock worth $1,823,000 after acquiring an additional 313,618 shares during the last quarter. Institutional investors and hedge funds own 49.52% of the company's stock.

About AXT

(Get Free Report)

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.

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