AXT (NASDAQ:AXTI) Shares Pass Above 200 Day Moving Average - Here's Why

Key Points

• AXT Inc's stock price recently surpassed its 200-day moving average of $1.78, peaking at $2.19 before closing at $2.14 with a trading volume of 223,331 shares.
• Wall Street analysts maintain an overall "Buy" rating for AXT, with an average target price of $4.60, although some firms have lowered their target prices slightly.
• Institutional investors have shown increased interest in AXT, with various hedge funds buying new positions and increasing their stakes in the company during the second quarter.

Shares of AXT Inc (NASDAQ:AXTI - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.78 and traded as high as $2.19. AXT shares last traded at $2.14, with a volume of 223,331 shares traded.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. B. Riley dropped their price objective on AXT from $4.50 to $4.30 and set a "buy" rating for the company in a research report on Thursday, July 10th. Wedbush dropped their price objective on AXT from $4.25 to $4.10 and set an "outperform" rating for the company in a research report on Friday, August 1st. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, AXT currently has an average rating of "Buy" and an average target price of $4.60.

AXT Price Performance

The stock has a market capitalization of $130.98 million, a P/E ratio of -5.16 and a beta of 2.10. The firm has a 50-day simple moving average of $2.22 and a 200 day simple moving average of $1.80.

Hedge Funds Weigh In On AXT

Several large investors have recently bought and sold shares of AXTI. Point72 Asset Management L.P. bought a new position in AXT in the fourth quarter valued at about $628,000. Jacobs Levy Equity Management Inc. raised its position in AXT by 75.0% in the first quarter. Jacobs Levy Equity Management Inc. now owns 530,269 shares of the semiconductor company's stock valued at $748,000 after purchasing an additional 227,333 shares during the last quarter. GSA Capital Partners LLP raised its position in AXT by 43.2% in the first quarter. GSA Capital Partners LLP now owns 533,264 shares of the semiconductor company's stock valued at $752,000 after purchasing an additional 160,858 shares during the last quarter. D. E. Shaw & Co. Inc. raised its position in AXT by 18.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 606,365 shares of the semiconductor company's stock valued at $1,316,000 after purchasing an additional 96,195 shares during the last quarter. Finally, Systematic Financial Management LP raised its position in shares of AXT by 5.0% during the fourth quarter. Systematic Financial Management LP now owns 1,551,380 shares of the semiconductor company's stock worth $3,366,000 after acquiring an additional 74,211 shares during the last quarter. 49.52% of the stock is currently owned by institutional investors.

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.