Needham Investment Management LLC Sells 824,600 Shares of AXT Inc $AXTI

Key Points

• Needham Investment Management LLC has significantly reduced its holdings in AXT Inc., cutting its position by 58.1% to $837,000, following the sale of 824,600 shares.
• Multiple institutional investors, including Systematic Financial Management LP and D. E. Shaw & Co. Inc., have recently increased their stakes in AXT, indicating a mixed sentiment among investors.
• AXT's current stock price is $3.11, with a 52-week range between $1.13 and $3.29, while several brokerages have set average target prices around $4.60.

Needham Investment Management LLC lowered its position in shares of AXT Inc (NASDAQ:AXTI - Free Report) by 58.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 593,500 shares of the semiconductor company's stock after selling 824,600 shares during the period. Needham Investment Management LLC owned about 1.30% of AXT worth $837,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Bridgeway Capital Management LLC boosted its position in AXT by 2.4% during the 4th quarter. Bridgeway Capital Management LLC now owns 302,964 shares of the semiconductor company's stock valued at $657,000 after buying an additional 7,165 shares during the period. Park Edge Advisors LLC lifted its position in shares of AXT by 25.1% in 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 lifted its position in shares of AXT by 40.7% in 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. Jacobs Levy Equity Management Inc. lifted its position in shares of AXT by 5.9% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 302,936 shares of the semiconductor company's stock worth $657,000 after purchasing an additional 16,842 shares during the period. Finally, Algert Global LLC purchased a new stake in shares of AXT in the 1st quarter worth about $31,000. Hedge funds and other institutional investors own 49.52% of the company's stock.

Analyst Upgrades and Downgrades

AXTI has been the subject of several research analyst reports. B. Riley dropped their target price on shares of 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 target price on shares of AXT from $4.25 to $4.10 and set an "outperform" rating for the company in a research report on Friday, August 1st. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, AXT currently has an average rating of "Buy" and an average price target of $4.60.

AXT Trading Up 3.1%

NASDAQ:AXTI traded up $0.11 on Thursday, reaching $3.47. 816,215 shares of the stock traded hands, compared to its average volume of 543,965. The company has a market capitalization of $159.81 million, a price-to-earnings ratio of -6.30 and a beta of 2.10. AXT Inc has a 12 month low of $1.13 and a 12 month high of $3.57. The company's fifty day simple moving average is $2.46 and its 200 day simple moving average is $1.88.

AXT 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.