Aixtron’s Record Run Meets a Mixed Institutional Hand: Goldman Cuts Leverage but Holds More Shares
24.05.2026 - 18:53:48 | boerse-global.de
Aixtron shares have stormed 172.8% higher since the start of the year, closing Friday at €53.40—just 1.7% below a fresh all-time high. The rally, fuelled by insatiable demand for optoelectronic chipmaking equipment tied to artificial intelligence infrastructure, has thrust the German MOCVD specialist into the spotlight. But behind the price surge, a nuanced shift in one of its largest institutional holders is prompting investors to look beyond the headline figure.
Goldman Sachs disclosed on 22 May that its overall voting-rights position in Aixtron had slipped to 8.93%, from 10.10% in the prior filing. The threshold was crossed on 18 May. Yet the real story lies in the composition of that stake. Direct and attributed voting rights from shares actually rose to 5.59% from 5.10%, equivalent to 6,343,776 shares, up from 5,782,788. The reduction came entirely from derivatives, where the holding dropped to 3.34% from 4.99%.
The derivative block now comprises two categories. The first includes “right to recall” (0.96%), “right of use” (0.62%) and a convertible bond (0.85%), together with a small call option, totalling 2.04%. The second category consists mainly of a call warrant (1.03%) and a swap (0.26%), adding up to 1.30%. In effect, Goldman has scaled back its leveraged exposure while increasing its direct share ownership—a structural repositioning rather than a simple retreat.
Should investors sell immediately? Or is it worth buying Aixtron?
Operationally, Aixtron is riding a powerful wave. The company posted first-quarter order intake of €171.4 million, an equipment order backlog of €359.1 million, and revenue of €59.4 million. For the full year, management has confirmed a revenue target of between €530 million and €590 million, with a midpoint of €560 million. Gross margin is expected around 42%, and the EBIT margin is forecast in a range of 17% to 20%. The second quarter is set to deliver revenue of approximately €110 million, plus or minus €10 million.
The weak first-quarter top line is being more than offset by a boom in optoelectronics, where hyperscale data centres are ordering machines for high-speed optical data transfer. One weak spot remains the silicon carbide (SiC) segment, which continues to grapple with industry overcapacity. Analysts, however, are looking for a turnaround. Armin Kremser of DZ Bank anticipates a recovery in SiC equipment orders from the second half of the year, which could provide an additional growth leg in 2026.
Aixtron’s balance sheet reinforces the confidence. The company exited the first quarter with €273 million in cash, giving management ample room to invest. Chart-wise, the stock is trading about 28% above its 50-day moving average of roughly €42. If the share price breaks decisively above the recent high, the path higher is clear; a failure would put the moving average as the nearest support.
The next official financial report is scheduled for July 2026, with a quarterly update due in October. Until then, the interplay between institutional ownership shifts and the execution of the upgraded guidance will anchor the narrative around the stock’s remarkable rally. Goldman’s move—less derivative leverage, more direct voting power—suggests a bet on the company’s long-term equity story rather than a tactical unwind.
Ad
Aixtron Stock: New Analysis - 24 May
Fresh Aixtron information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
