Connor Clark & Lunn Investment Management Ltd. Sells 280,645 Shares of AXT Inc $AXTI

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its holdings in AXT Inc by 52.7%, selling 280,645 shares and now owning 252,286 shares valued at approximately $356,000.
• A number of other institutional investors have adjusted their positions, with Graham Capital Management L.P. significantly increasing its stake in AXT by 96.5% during the fourth quarter.
• AXT's stock has a market cap of $98.70 million, a PE ratio of -3.89, and the consensus price target from research analysts is set at $4.60.

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in shares of AXT Inc (NASDAQ:AXTI - Free Report) by 52.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 252,286 shares of the semiconductor company's stock after selling 280,645 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.55% of AXT worth $356,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AXTI. Jane Street Group LLC bought a new stake in shares of AXT during the 4th quarter worth $60,000. Man Group plc bought a new stake in shares of AXT during the 4th quarter worth $67,000. Park Edge Advisors LLC raised its stake in shares of AXT by 25.1% during the 1st quarter. Park Edge Advisors LLC now owns 62,500 shares of the semiconductor company's stock worth $88,000 after purchasing an additional 12,550 shares during the period. Formidable Asset Management LLC raised its stake in shares of AXT by 40.7% during the 4th quarter. Formidable Asset Management LLC now owns 43,500 shares of the semiconductor company's stock worth $94,000 after purchasing an additional 12,575 shares during the period. Finally, Graham Capital Management L.P. raised its stake in shares of AXT by 96.5% during the 4th quarter. Graham Capital Management L.P. now owns 49,947 shares of the semiconductor company's stock worth $108,000 after purchasing an additional 24,534 shares during the period. 49.52% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

AXT Price Performance

Shares of AXTI traded up $0.02 during midday trading on Monday, hitting $2.84. 658,320 shares of the company traded hands, compared to its average volume of 523,833. The stock has a 50-day moving average of $2.22 and a 200-day moving average of $1.80. AXT Inc has a one year low of $1.13 and a one year high of $3.07. The firm has a market cap of $130.98 million, a P/E ratio of -5.16 and a beta of 2.10.

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.