AXT Inc. (AXT) Soars to All-Time High as Firm Upbeat on Q1

AXT Inc. (NASDAQ:AXT) is one of the 10 Stocks to Watch Today.

AXT Inc. soared to a new all-time high again on Monday, as investors resumed buying positions ahead of the end of the first quarter—supported by the company’s highly optimistic outlook for the said period.

At intra-day trading, AXT Inc. (NASDAQ:AXT) climbed to its highest price of $65.24 before trimming gains to finish the session just up by 18.81 percent at $64.44 apiece.

AXT Inc. (AXT) Soars to All-Time High as Firm Upbeat on Q1

The confidence was backed by the progress in AXT Inc.’s (NASDAQ:AXT) export permits earlier this year, coupled with continued strong demand in indium phosphide, which boosted expectations for a sequential revenue growth.

Indium phosphide is a high-performance semiconductor primarily used for high-speed electronics, optoelectronics, and photonics, and is crucial for various industries, including fiber optic communications, mobile networks, automotive lidars, and laser technologies, among others.

“We are notably broadening our customer base to include Tier-1 companies to which we have previously had limited exposure. We are also on track to double our indium phosphide manufacturing capacity this year and have a strong balance sheet to support our continued business expansion,” said AXT Inc. (NASDAQ:AXTI) CEO Morris Young earlier.

The rally can also be attributed to the overall market optimism following positive developments in the Middle East, with President Donald Trump noting that he had ordered a pause of military strikes on Iran to give way for negotiations.

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