AXT (NASDAQ:AXTI) Share Price Crosses Above 200 Day Moving Average - Here's What Happened

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.

AXT Inc (NASDAQ:AXTI - Get Free Report) shares passed 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 changing hands.

Analyst Upgrades and Downgrades

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

AXT Stock Up 1.6%

The company has a market cap of $132.15 million, a P/E ratio of -5.20 and a beta of 2.10. The firm's 50 day moving average is $2.20 and its two-hundred day moving average is $1.79.

Hedge Funds Weigh In On AXT

Hedge funds have recently bought and sold shares of the company. Algert Global LLC bought a new position in AXT during the first quarter worth $31,000. XTX Topco Ltd bought a new position in AXT during the second quarter worth $42,000. Jane Street Group LLC bought a new position in AXT during the fourth quarter worth $60,000. Man Group plc bought a new position in AXT during the fourth quarter worth $67,000. Finally, Atlas Brown Inc. raised its stake 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. Institutional investors own 49.52% of the company's stock.

AXT Company Profile

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.