93,350 Shares in AXT Inc $AXTI Acquired by BOCHK Asset Management Ltd

Key Points

• BOCHK Asset Management acquired 93,350 AXT shares worth approximately $7.2 million in the third quarter, representing about 0.14% of the semiconductor company and 1% of the fund’s holdings.
• AXT exceeded quarterly expectations, reporting $0.41 EPS versus the $0.31 consensus and revenue of $73.41 million versus estimates of $66 million.
• Analysts maintain a consensus “Hold” rating with a $77.80 price target, while AXT shares recently traded at $48.20 amid a wide 52-week range of $7.80 to $143.16.

BOCHK Asset Management Ltd acquired a new position in AXT Inc (NASDAQ:AXTI - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 93,350 shares of the semiconductor company's stock, valued at approximately $7,226,000. AXT comprises approximately 1.0% of BOCHK Asset Management Ltd's holdings, making the stock its 28th biggest position. BOCHK Asset Management Ltd owned about 0.14% of AXT as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the company. Profund Advisors LLC acquired a new position in AXT in the 3rd quarter valued at $227,000. ProShare Advisors LLC lifted its position in AXT by 6.9% during the 3rd quarter. ProShare Advisors LLC now owns 8,742 shares of the semiconductor company's stock worth $677,000 after acquiring an additional 563 shares during the last quarter. Bosman Wealth Management LLC lifted its position in AXT by 42.8% during the 3rd quarter. Bosman Wealth Management LLC now owns 7,409 shares of the semiconductor company's stock worth $574,000 after acquiring an additional 2,220 shares during the last quarter. Pinnacle Wealth Planning Services Inc. lifted its position in AXT by 143.1% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 1,269 shares of the semiconductor company's stock worth $98,000 after acquiring an additional 747 shares during the last quarter. Finally, Apollon Wealth Management LLC bought a new stake in AXT during the third quarter valued at about $778,000. 49.52% of the stock is owned by institutional investors.

AXT Stock Performance

Shares of AXTI stock opened at $48.20 on Tuesday. The firm has a fifty day moving average of $65.81 and a 200-day moving average of $64.20. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of 107.11 and a beta of 1.86. AXT Inc has a 52-week low of $7.80 and a 52-week high of $143.16.

AXT (NASDAQ:AXTI - Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The semiconductor company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.10. The firm had revenue of $73.41 million during the quarter, compared to analyst estimates of $66.00 million. AXT had a net margin of 3.23% and a return on equity of 0.96%. On average, sell-side analysts predict that AXT Inc will post 0.80 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on AXTI shares. UBS Group set a $90.00 price objective on AXT in a research report on Friday, July 31st. Zacks Research lowered AXT from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 29th. Needham & Company LLC raised AXT from a "hold" rating to a "buy" rating and set a $90.00 price target on the stock in a research report on Friday, July 31st. Weiss Ratings raised AXT from a "sell (d-)" rating to a "sell (d+)" rating in a research report on Friday, August 14th. Finally, B. Riley Financial boosted their price target on AXT from $55.00 to $56.00 and gave the company a "neutral" rating in a research note on Friday. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, AXT currently has a consensus rating of "Hold" and a consensus price target of $77.80.

Insiders Place Their Bets

In other news, Director Leonard Leblanc sold 4,000 shares of the company's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $96.07, for a total value of $384,280.00. Following the sale, the director directly owned 113,129 shares in the company, valued at approximately $10,868,303.03. This represents a 3.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 5.97% of the company's stock.

AXT Company Profile

AXT, Inc develops and manufactures compound semiconductor substrates used as the foundation for various high-performance electronic and optoelectronic devices. Its principal products include gallium arsenide (GaAs), indium phosphide (InP), and germanium substrates, along with other specialty materials such as gallium antimonide and indium arsenide.

The company's substrates are used in applications including wireless communications, fiber-optic and data-center networks, lasers, light-emitting diodes, solar cells, consumer electronics, and aerospace and defense systems.

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