AXT (NASDAQ:AXTI) Share Price Passes Above Two Hundred Day Moving Average - Here's Why

Key Points

• AXT Inc's shares have surpassed their 200-day moving average of $2.13, reaching a recent high of $5.38 before settling at $4.89.
• Several analysts have revised their price targets for AXT, with an average target of $4.60 and a consensus rating of "Buy."
• Institutional investors own 49.52% of AXT's stock, indicating strong interest and investment in the company.

Shares of AXT Inc (NASDAQ:AXTI - Get Free Report) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $2.13 and traded as high as $5.38. AXT shares last traded at $4.89, with a volume of 2,935,619 shares traded.

Analysts Set New Price Targets

A number of analysts have recently issued reports on AXTI shares. Wedbush lowered their price objective on AXT from $4.25 to $4.10 and set an "outperform" rating on the stock in a research report on Friday, August 1st. B. Riley lowered their price objective on AXT from $4.50 to $4.30 and set a "buy" rating on the stock in a research report on Thursday, July 10th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $4.60.

AXT Price Performance

The firm has a market cap of $225.53 million, a price-to-earnings ratio of -8.89 and a beta of 2.10. The firm has a 50 day moving average price of $2.98 and a 200-day moving average price of $2.13.

Hedge Funds Weigh In On AXT

Several large investors have recently made changes to their positions in AXTI. Algert Global LLC acquired a new position in shares of AXT during the first quarter valued at $31,000. XTX Topco Ltd bought a new position in AXT during the second quarter worth about $42,000. Jane Street Group LLC bought a new position in AXT during the fourth quarter worth about $60,000. Atlas Brown Inc. boosted its holdings in AXT by 100.0% during the second quarter. Atlas Brown Inc. now owns 39,150 shares of the semiconductor company's stock worth $82,000 after buying an additional 19,575 shares during the last quarter. Finally, Creative Planning bought a new position in AXT during the second quarter worth about $86,000. Institutional investors and hedge funds own 49.52% of the company's stock.

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.

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