Wedbush Reiterates Outperform Rating for AXT with Price Target of $5.50

AXT, Inc. (NASDAQ:AXTI) saw its "outperform" rating confirmed by analysts at Wedbush in a recent report published on Friday. They set a price target of $5.50 for the semiconductor company's shares. This target represents a significant upside potential of 161.90% compared to the current stock price.

In addition to Wedbush's analysis, several other research firms have issued their perspectives on AXT. Needham & Company reaffirmed a "buy" rating on November 1st, establishing a price objective of $5.00 for the stock. Northland Securities also reviewed AXT on the same day, lowering their price target from $6.00 to $5.00 while maintaining an "outperform" rating. The overall market sentiment towards AXT is cautiously optimistic, as current data indicate one analyst has assigned a sell rating while five others have issued buy ratings. According to MarketBeat.com, the average rating for AXT is classified as a "Moderate Buy" with an average target price of $5.20.

AXT Stock Performance

On the trading front, AXT's stock experienced a decline of 3.7% on Friday, falling by $0.08 to reach $2.10. A total of 174,529 shares were traded during midday, a figure lower than the average trading volume of 256,085 shares. The stock has a low of $1.73 and a high of $5.64 within the past year. Its 50-day moving average stands at $2.19, while the 200-day average is higher at $2.38. AXT currently holds a market cap of $93.98 million and displays a negative PE ratio of -8.40, with a beta coefficient of 2.08, indicating a fair amount of volatility in its stock performance.

Institutional Investor Activity

Recent movements among institutional investors reveal that many have made adjustments to their holdings in AXT. For instance, Systematic Financial Management LP increased its stake in AXT by 13.0% during the third quarter, owning a total of 1,477,169 shares valued at approximately $3.575 million after acquiring an additional 169,406 shares. Similarly, White Pine Capital LLC raised its holdings by 0.8% in the fourth quarter, resulting in ownership of 668,499 shares worth about $1.451 million after buying 5,246 more shares. Other notable investors include Connor Clark & Lunn Investment Management Ltd., which boosted its position by 10.0%, and Geode Capital Management LLC, which increased its holdings by 1.7% within the same timeframe. Overall, hedge funds and institutional investors collectively own roughly 49.52% of AXT's stock.

About AXT, Inc.

AXT, Inc. is engaged in the design, development, manufacturing, and distribution of semiconductor substrates comprised of both compound and single elements. The company's product lineup includes indium phosphide, which is utilized in various applications such as data center connectivity, high-speed data transfer, 5G communications, and infrared light-emitting diodes (LEDs) for motion control, among others.

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