Canandaigua National Bank & Trust Co. Makes New Investment in AXT, Inc. (NASDAQ:AXTI)

Canandaigua National Bank & Trust Co. acquired a new position in shares of AXT, Inc. (NASDAQ:AXTI) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 12,802 shares of the semiconductor company’s stock, valued at approximately $28,000.

Other large investors have also made changes to their positions in the company. Acadian Asset Management LLC increased its stake in AXT by 833.3% during the second quarter. Acadian Asset Management LLC now owns 272,416 shares of the semiconductor company’s stock worth $919,000 after acquiring an additional 243,226 shares during the last quarter. ClariVest Asset Management LLC raised its holdings in AXT by 21.1% in the second quarter. ClariVest Asset Management LLC now owns 195,920 shares of the semiconductor company’s stock valued at $662,000 after buying an additional 34,120 shares during the period. Renaissance Technologies LLC lifted its position in AXT by 1,142.1% during the second quarter. Renaissance Technologies LLC now owns 377,600 shares of the semiconductor company’s stock valued at $1,276,000 after buying an additional 347,200 shares in the last quarter. XTX Topco Ltd grew its stake in AXT by 135.1% during the second quarter. XTX Topco Ltd now owns 173,726 shares of the semiconductor company’s stock worth $587,000 after buying an additional 99,840 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of AXT in the second quarter worth $468,000. 49.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AXTI has been the subject of a number of research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $5.00 price target on shares of AXT in a research report on Friday, November 1st. Northland Securities lowered their target price on AXT from $6.00 to $5.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Finally, StockNews.com lowered AXT from a “hold” rating to a “sell” rating in a research report on Monday, September 30th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to MarketBeat, AXT has a consensus rating of “Moderate Buy” and an average target price of $5.30.

AXT Stock Performance

NASDAQ:AXTI opened at $2.25 on Wednesday. The stock has a market cap of $100.69 million, a price-to-earnings ratio of -9.00 and a beta of 2.10. AXT, Inc. has a one year low of $1.73 and a one year high of $5.64. The business’s 50-day simple moving average is $2.14 and its 200 day simple moving average is $2.58.

AXT (NASDAQ:AXTI) last announced its earnings results on Thursday, October 31st. The semiconductor company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). AXT had a negative net margin of 10.73% and a negative return on equity of 4.58%. The business had revenue of $23.65 million during the quarter, compared to analyst estimates of $25.98 million. During the same period in the previous year, the company earned ($0.14) earnings per share. On average, equities research analysts predict that AXT, Inc. will post -0.22 EPS for the current year.

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.