NEW YORK ( TheStreet) -- Shares of AXT (Nasdaq: AXTI) were gapping down Thursday morning with an open price 10.2% lower than Wednesday's closing price. The stock closed at $6.07 Wednesday and opened today's trading at $5.45. The average volume for AXT has been 268,000 shares per day over the past 30 days. AXT has a market cap of $189.1 million and is part of the technology sector and electronics industry. Shares are up 45.6% year to date as of the close of trading on Wednesday. AXT, Inc., together with its subsidiaries, designs, develops, manufactures, and distributes compound and single element semiconductor substrates for use in wireless communications, lighting display applications, and fiber optic communications. The company has a P/E ratio of 9.6, equal to the average electronics industry P/E ratio and below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates AXT as a hold. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, disappointing return on equity and feeble growth in the company's earnings per share. You can view the full AXT Ratings Report. Get more investment ideas from our investment research center.