AXT Inc (NASDAQ:AXTI) Sees Large Decline in Short Interest

AXT Inc (NASDAQ:AXTI) was the target of a large decline in short interest during the month of August. As of August 15th, there was short interest totalling 1,133,300 shares, a decline of 19.9% from the July 15th total of 1,415,100 shares. Approximately 3.2% of the company’s stock are short sold. Based on an average daily volume of 263,200 shares, the short-interest ratio is presently 4.3 days.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. White Pine Capital LLC bought a new stake in AXT during the 1st quarter worth approximately $589,000. Royce & Associates LP boosted its position in AXT by 10.7% during the 1st quarter. Royce & Associates LP now owns 2,375,084 shares of the semiconductor company’s stock worth $10,569,000 after acquiring an additional 230,300 shares during the last quarter. Pacific Ridge Capital Partners LLC raised its holdings in shares of AXT by 8.9% in the second quarter. Pacific Ridge Capital Partners LLC now owns 1,377,826 shares of the semiconductor company’s stock valued at $5,456,000 after purchasing an additional 112,752 shares during the last quarter. Allianz Asset Management GmbH lifted its position 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 purchasing an additional 3,430 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in AXT by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 393,732 shares of the semiconductor company’s stock valued at $1,712,000 after purchasing an additional 17,921 shares in the last quarter. 58.09% of the stock is currently owned by institutional investors.

Shares of AXTI traded up $0.10 during mid-day trading on Tuesday, reaching $3.90. The company had a trading volume of 105,500 shares, compared to its average volume of 285,043. The company’s 50-day moving average is $3.77 and its 200-day moving average is $4.32. AXT has a twelve month low of $3.24 and a twelve month high of $7.65. The company has a market capitalization of $152.40 million, a P/E ratio of 16.25, a P/E/G ratio of 2.88 and a beta of 1.50.

AXT (NASDAQ:AXTI) last released its quarterly earnings results on Wednesday, July 24th. The semiconductor company reported $0.04 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.04. AXT had a net margin of 3.36% and a return on equity of 1.68%. The business had revenue of $24.80 million for the quarter, compared to analysts’ expectations of $24.11 million. During the same period in the prior year, the firm earned $0.10 earnings per share. AXT’s revenue was down 8.6% compared to the same quarter last year. On average, equities analysts predict that AXT will post 0.08 earnings per share for the current fiscal year.

Several equities research analysts recently weighed in on the company. Zacks Investment Research lowered AXT from a “buy” rating to a “hold” rating in a report on Friday, July 19th. ValuEngine upgraded shares of AXT from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. AXT has an average rating of “Hold” and a consensus target price of $5.38.

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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