Short Interest in AXT Inc (NASDAQ:AXTI) Drops By 24.4%

Key Points

• AXT Inc experienced a 24.4% decrease in short interest in July, with the total short interest falling from 809,200 to 611,400 shares.
• The days-to-cover ratio for AXT's stock is currently 1.3 days, indicating a relatively low level of short selling with only 1.5% of shares shorted.
• Several institutional investors have increased their holdings in AXT, with 49.52% of the stock now owned by hedge funds and other institutions.

AXT Inc (NASDAQ:AXTI - Get Free Report) was the target of a large decrease in short interest in the month of July. As of July 31st, there was short interest totaling 611,400 shares, adecreaseof24.4% from the July 15th total of 809,200 shares. Based on an average daily trading volume, of 456,100 shares, the days-to-cover ratio is currently 1.3 days. Currently,1.5% of the company's stock are short sold. Currently,1.5% of the company's stock are short sold. Based on an average daily trading volume, of 456,100 shares, the days-to-cover ratio is currently 1.3 days.

AXT Price Performance

Shares of AXTI stock opened at $2.51 on Thursday. The firm has a 50-day moving average of $2.18 and a 200-day moving average of $1.79. The company has a market cap of $115.76 million, a P/E ratio of -4.56 and a beta of 2.10. AXT has a one year low of $1.13 and a one year high of $3.07.

Institutional Investors Weigh In On AXT

Several large investors have recently made changes to their positions in AXTI. XTX Topco Ltd purchased a new position in AXT in the 2nd quarter valued at approximately $42,000. Algert Global LLC purchased a new position in shares of AXT in the first quarter valued at $31,000. Jane Street Group LLC purchased a new position in shares of AXT in the fourth quarter valued at $60,000. Man Group plc purchased a new position in shares of AXT in the fourth quarter valued at $67,000. Finally, Atlas Brown Inc. grew its position in shares of AXT by 100.0% in the second quarter. Atlas Brown Inc. now owns 39,150 shares of the semiconductor company's stock valued at $82,000 after purchasing an additional 19,575 shares in the last quarter. 49.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. 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 report on Thursday, July 10th. Wedbush lowered their price objective on shares of AXT from $4.25 to $4.10 and set an "outperform" rating on the stock in a report on Friday, August 1st. Finally, Wall Street Zen upgraded shares of AXT to a "sell" rating in a report on Friday, April 25th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $4.60.

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.

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