Renaissance Technologies LLC Purchases 347,200 Shares of AXT, Inc. (NASDAQ:AXTI)

Renaissance Technologies LLC raised its position in shares of AXT, Inc. (NASDAQ:AXTI) by 1,142.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 377,600 shares of the semiconductor company’s stock after acquiring an additional 347,200 shares during the period. Renaissance Technologies LLC owned approximately 0.85% of AXT worth $1,276,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its position in AXT by 28.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,200 shares of the semiconductor company’s stock worth $27,000 after buying an additional 2,500 shares during the period. SG Americas Securities LLC bought a new position in AXT during the first quarter worth $52,000. Byrne Asset Management LLC raised its stake in AXT by 125.0% during the 2nd quarter. Byrne Asset Management LLC now owns 13,500 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 7,500 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in AXT in the 1st quarter valued at $77,000. Finally, State Board of Administration of Florida Retirement System acquired a new stake in AXT in the 1st quarter worth $93,000. 49.52% of the stock is owned by institutional investors and hedge funds.

AXT Stock Up 4.1 %

Shares of NASDAQ AXTI opened at $2.53 on Friday. AXT, Inc. has a twelve month low of $1.89 and a twelve month high of $5.64. The stock has a market cap of $112.33 million, a price-to-earnings ratio of -6.33 and a beta of 2.23. The company’s fifty day moving average is $2.54 and its 200-day moving average is $3.24.

AXT (NASDAQ:AXTI) last announced its earnings results on Thursday, August 1st. The semiconductor company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The firm had revenue of $27.92 million during the quarter, compared to analyst estimates of $26.50 million. AXT had a negative net margin of 14.75% and a negative return on equity of 5.87%. During the same period in the prior year, the business earned ($0.12) EPS. On average, research analysts anticipate that AXT, Inc. will post -0.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

AXTI has been the subject of a number of research analyst reports. Wedbush reaffirmed an “outperform” rating and set a $6.00 price objective on shares of AXT in a research report on Monday, July 29th. StockNews.com downgraded shares of AXT from a “hold” rating to a “sell” rating in a report on Monday, September 30th. Finally, Needham & Company LLC restated a “buy” rating and set a $5.00 price target on shares of AXT in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, AXT has a consensus rating of “Moderate Buy” and a consensus target price of $5.38.

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.