Insider transactions
According to a Form 4 filing with the Securities and Exchange Commission, AXT Inc director Jesse Chen sold a total of 14,452 shares of the company’s common stock in two separate transactions. The aggregate proceeds from those sales were $542,594.
On March 6, 2026, Chen sold 2,000 shares at $36.63 per share. Three days later, on March 9, 2026, Chen sold 12,452 shares at a weighted average price of $37.6915, with execution prices for that tranche ranging from $37.29 to $38.30.
Following the two transactions Chen is recorded as directly owning 152,612 shares of AXT Inc common stock.
Market context
AXT’s share price has been elevated in recent trading, quoted at $45.95 and trading near a 52-week high of $47.03. The stock has exhibited an extraordinary one-year return of 2,388% over the past year.
InvestingPro analysis noted that, at current levels, the stock appears overvalued based on Fair Value calculations. The platform also references a Pro Research Report for AXTI and additional research tools available to subscribers.
Company guidance and industry commentary
Separately, AXT Inc revised its fourth-quarter revenue guidance downward to a range of $22.5 million to $23.5 million, reduced from an earlier forecast of $27 million to $30 million. The company attributed the expected shortfall to a decline in export permits for indium phosphide issued by China’s Ministry of Commerce.
Following the guidance update and related developments, several analyst firms adjusted their views on companies across the semiconductor equipment and materials ecosystem. Craig-Hallum raised its price target for AXT from $10 to $26, citing strong demand and AXT’s supply capabilities amid potential constraints on competitors. B. Riley moved AXT from Buy to Neutral, citing valuation concerns while increasing its price target to $18.
Needham issued upgrades elsewhere in the sector: Nova Measuring Instruments was upgraded from Hold to Buy with a $500 price target, based on the firm’s global execution and positioning in China’s memory wafer fabrication equipment market. Needham also upgraded Ichor Holdings from Hold to Buy and set a $36 price target, highlighting Ichor as a potential derivative exposure to larger semiconductor equipment suppliers.
Takeaway
The insider sale by a director coincides with elevated share prices, a steep one-year appreciation, and a company revenue outlook that was reduced because of export-permit limitations for a key material. Analysts’ revisions underline ongoing reassessments within the semiconductor equipment and materials sectors as market participants weigh demand dynamics, supply capabilities and valuation.