AXT Inc. (AXTI) Climbs 10% Ahead of Business Updates

AXT Inc. (NASDAQ:AXTI) is one of the 10 Stocks That Absolutely Exploded Higher.

AXT Inc. rallied for a third consecutive day on Friday, surging 10 percent to finish at $97.18 apiece, as investors positioned their portfolios ahead of key updates in the latter part of the month.

According to the company, it is set to participate in a virtual conference to be organized by Northland Securities on June 23. Investors are expected to watch for cues about its performance in the second quarter of the year.

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For illustration purposes only. Photo by Sergei Starostin on Pexels

In its last earnings call, AXT Inc. (NASDAQ:AXTI) remained optimistic about its outlook for its business, saying that it believes it is “in the best position to support and enable our industry in meeting the current and future needs.”

In the first quarter alone, AXT Inc. (NASDAQ:AXTI) narrowed its attributable net loss by 81 percent to only $1.6 million from $8.8 million in the same period last year. Revenues increased by 39 percent to $26.9 million from $19.3 million year-on-year.

In other news, AXT Inc. (NASDAQ:AXTI) said in a regulatory filing that one of its directors, Jesse Chen, disposed of $1.48 million worth of his shares in the company in a series of transactions on June 8, 9, and 10. The transactions covered the sale of 16,500 shares at prices ranging from $86.7 to $94 apiece.

While we acknowledge the risk and potential of AXTI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AXTI and that has 10,000% upside potential, check out our report about the cheapest AI stock.

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