Benzinga | Oct 6, 2020 10:37AM EDT

Why AXT's Stock Is Trading Lower Today

AXT (NASDAQ:AXTI) shares are trading lower on Tuesday after B. Riley FBR downgraded the stock from Buy to Neutral and announced a price target of $6.60 per share.

AXT is a developer and producer of compound and single element semiconductor substrates, also known as wafers. The dominant substrates used in producing semiconductor chips and other electronic circuits are made from silicon.

AXT shares traded down 7.79% to $6.04 on Tuesday. The stock has a 52-week high of $6.74 and a 52-week low of $1.85.