AXT (NASDAQ:AXTI) Releases Q3 2024 Earnings Guidance

AXT (NASDAQ:AXTI) issued an update on its third quarter 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of -0.080–0.060 for the period, compared to the consensus estimate of -0.040. The company issued revenue guidance of $25.0 million-$27.0 million, compared to the consensus revenue estimate of $27.1 million.

AXT Stock Down 18.5 %

NASDAQ:AXTI traded down $0.61 during trading hours on Friday, hitting $2.68. 1,025,048 shares of the stock traded hands, compared to its average volume of 299,641. AXT has a 1 year low of $1.89 and a 1 year high of $5.64. The company has a market cap of $118.99 million, a price-to-earnings ratio of -6.70 and a beta of 2.28. The stock has a 50 day moving average price of $3.55 and a 200 day moving average price of $3.51.

AXT (NASDAQ:AXTI) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02. AXT had a negative net margin of 14.75% and a negative return on equity of 5.85%. The business had revenue of $27.92 million for the quarter, compared to the consensus estimate of $26.50 million. During the same quarter in the previous year, the firm earned ($0.12) earnings per share. Equities analysts forecast that AXT will post -0.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on AXTI. Craig Hallum lifted their price objective on shares of AXT from $3.75 to $5.00 and gave the company a buy rating in a research report on Tuesday, April 9th. Wedbush reiterated an outperform rating and set a $6.00 price objective on shares of AXT in a research report on Monday, July 29th. B. Riley lifted their price objective on shares of AXT from $3.80 to $5.50 and gave the company a buy rating in a research report on Friday, April 5th. Needham & Company LLC restated a buy rating and issued a $5.00 price target on shares of AXT in a research report on Friday. Finally, StockNews.com cut shares of AXT from a hold rating to a sell rating in a research report on Wednesday. One analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, AXT presently has a consensus rating of Moderate Buy and a consensus price target 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.