Stock Track | AXT Inc Soars 8.31% in Pre-Market After B. Riley Raises Price Target to $72

Stock Track04-22 21:36

AXT Inc's stock surged 8.31% in pre-market trading on Wednesday, showing significant investor interest ahead of the regular session opening.

The sharp increase appears to be driven by B. Riley's analyst decision to raise the price target for AXT Inc from $21 to $72 while maintaining a Neutral rating, representing a substantial vote of confidence in the company's future prospects and potential growth trajectory.

The rebound comes after a multi-session pullback driven by insider selling and the company's announcement of a $550 million public stock offering, with the stock now recovering as investors reassess the company's valuation based on the new analyst outlook.

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