AXT Inc's stock experienced a significant 5.17% decline over a 24-hour trading period, reflecting substantial selling pressure during the extended session.
The sharp drop comes as traders took profits following recent substantial gains, with the stock having surged significantly in prior sessions driven by intensified indium export scrutiny and indium phosphide supply chain shortage expectations. Additionally, the broader semiconductor equipment sector showed weakness, dragging down individual stock performance across the industry.
Further pressure on the stock came from concentrated executive selling, with the company's CEO recently selling approximately 197,500 shares and other directors also continuously reducing their holdings, which has suppressed rebound momentum and weighed on market sentiment.
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