Connor Clark & Lunn Investment Management Ltd. Increases Position in AXT, Inc. (NASDAQ:AXTI)

Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of AXT, Inc. (NASDAQ:AXTI) by 10.0% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 606,417 shares of the semiconductor company’s stock after purchasing an additional 54,891 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in AXT were worth $1,468,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Acadian Asset Management LLC lifted its position in shares of AXT by 833.3% during the 2nd quarter. Acadian Asset Management LLC now owns 272,416 shares of the semiconductor company’s stock worth $919,000 after purchasing an additional 243,226 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of AXT by 1,142.1% in the second quarter. Renaissance Technologies LLC now owns 377,600 shares of the semiconductor company’s stock valued at $1,276,000 after acquiring an additional 347,200 shares during the period. Cubist Systematic Strategies LLC purchased a new position in AXT during the 2nd quarter worth $468,000. Creative Planning purchased a new position in shares of AXT during the third quarter worth about $127,000. Finally, Bailard Inc. acquired a new position in shares of AXT in the second quarter valued at approximately $122,000. 49.52% of the stock is currently owned by hedge funds and other institutional investors.

AXT Stock Performance

AXTI opened at $2.02 on Wednesday. The stock has a market capitalization of $90.40 million, a PE ratio of -8.08 and a beta of 2.22. The company’s 50 day simple moving average is $2.30 and its 200 day simple moving average is $2.87. AXT, Inc. has a 1 year low of $1.73 and a 1 year high of $5.64.

AXT (NASDAQ:AXTI) last released its quarterly earnings data on Thursday, October 31st. The semiconductor company reported ($0.07) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $23.65 million during the quarter, compared to analyst estimates of $25.98 million. During the same period in the prior year, the firm earned ($0.14) earnings per share. As a group, sell-side analysts expect that AXT, Inc. will post -0.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Northland Securities reduced their price objective on shares of AXT from $6.00 to $5.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. StockNews.com cut shares of AXT from a “hold” rating to a “sell” rating in a research report on Monday, September 30th. Finally, Needham & Company LLC restated a “buy” rating and issued a $5.00 price objective on shares of AXT in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $5.30.

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.