Connor Clark & Lunn Investment Management Ltd. Sells 73,486 Shares of AXT, Inc. (NASDAQ:AXTI)

Connor Clark & Lunn Investment Management Ltd. cut its holdings in AXT, Inc. (NASDAQ:AXTI) by 12.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 532,931 shares of the semiconductor company’s stock after selling 73,486 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in AXT were worth $1,156,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. White Pine Capital LLC boosted its stake in AXT by 0.8% in the fourth quarter. White Pine Capital LLC now owns 668,499 shares of the semiconductor company’s stock valued at $1,451,000 after acquiring an additional 5,246 shares during the last quarter. Empowered Funds LLC boosted its stake in AXT by 5.2% in the fourth quarter. Empowered Funds LLC now owns 145,664 shares of the semiconductor company’s stock valued at $316,000 after acquiring an additional 7,165 shares during the last quarter. Bleakley Financial Group LLC bought a new position in AXT in the fourth quarter valued at approximately $29,000. Atlas Brown Inc. bought a new position in shares of AXT during the fourth quarter worth $42,000. Finally, Canandaigua National Bank & Trust Co. bought a new position in shares of AXT during the fourth quarter worth $28,000. 49.52% of the stock is owned by institutional investors.

AXT Stock Down 1.7 %

Shares of NASDAQ:AXTI opened at $1.72 on Friday. AXT, Inc. has a 12 month low of $1.29 and a 12 month high of $5.64. The company’s fifty day simple moving average is $1.94 and its 200 day simple moving average is $2.15. The firm has a market cap of $76.97 million, a price-to-earnings ratio of -6.14 and a beta of 2.17.

AXT (NASDAQ:AXTI) last issued its quarterly earnings results on Thursday, February 20th. The semiconductor company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.08). AXT had a negative net margin of 11.70% and a negative return on equity of 5.27%. The business had revenue of $25.11 million during the quarter, compared to analyst estimates of $23.94 million. Research analysts expect that AXT, Inc. will post -0.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AXTI. Needham & Company LLC reissued a “buy” rating and set a $5.00 price target on shares of AXT in a research report on Friday, February 21st. Wedbush reissued an “outperform” rating and set a $4.50 price target (down from $5.50) on shares of AXT in a research report on Friday, February 21st. Finally, B. Riley reissued a “buy” rating and set a $6.00 price target (up from $5.50) on shares of AXT in a research report on Friday, February 21st. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $5.10.

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.