What happened
According to an SEC filing dated April 28, 2026, Halter Ferguson Financial Inc. reduced its position in Aehr Test Systems (AEHR +3.22%)by 627,498 shares during the first quarter. The estimated value of the shares sold was approximately $20.07 million, calculated using the average closing price for the quarter. The fund reported a quarter-end position of 14,631 shares, valued at $542,522.
What else to know
- This was a sell transaction; Aehr Test Systems now accounts for 0.12% of the fund’s 13F reportable assets under management.
- Top holdings after the filing:
- NASDAQ:TSLA: $215.75 million (47.7% of AUM)
- NASDAQ:QQQ: $42.01 million (9.3% of AUM)
- NASDAQ:UPST: $37.64 million (8.3% of AUM)
- NYSE:LMND: $34.24 million (7.6% of AUM)
- NASDAQ:MU: $21.85 million (4.8% of AUM)
- As of April 27, 2026, shares of Aehr Test Systems were priced at $88.48, up 917.0% over the past year, outperforming the S&P 500 by 880.21 percentage points.
- The position was previously 2.8% of the fund's AUM as of the prior quarter.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $45.26 million |
| Net income (TTM) | ($11.42 million) |
| Price (as of market close April 27, 2026) | $88.48 |
| One-year price change | 917.0% |
Company snapshot
- Aehr Test Systems offers test and burn-in systems for integrated circuits, including the ABTS and FOX-P product families, as well as wafer and die-level test solutions for logic, memory, and photonics devices.
- It generates revenue primarily through sales of proprietary testing systems and related consumables to semiconductor manufacturers, supporting both production and qualification testing needs.
- The company serves global semiconductor companies and integrated circuit manufacturers seeking advanced test and reliability solutions for high-volume and high-complexity devices.
Aehr Test Systems is a specialized provider of semiconductor test and burn-in equipment, focused on enabling efficient and reliable testing for logic, memory, and photonic integrated circuits.
The company leverages proprietary technology to address the evolving needs of chip manufacturers, particularly in high-growth and high-reliability applications. Its comprehensive product suite and focus on wafer-level solutions position it as a key partner for customers seeking to enhance device quality and production throughput.
What this transaction means for investors
Halter Ferguson Financial’s sale of Aehr Test Systems stock in the first quarter was understandable. Shares had risen substantially in 2026 from last year’s 52-week low of $8.02. However, the hedge fund missed out on Aehr’s run up in April, when the stock hit a high of $102.48 on April 24.
The stock experienced a surge because Aehr is benefiting from the rise of artificial intelligence. The company’s solutions are needed to test components for AI systems, leading to a record $41 million production order from an AI hyperscale customer that supercharged its shares.
Investors are excited about the company’s revenue potential. However, the orders have yet to translate into sales. In its fiscal third quarter ended Feb. 27, net revenue totaled $10.3 million, a drop from the prior year’s $18.3 million.
The run-up in share price has resulted in a sky-high price-to-sales ratio approaching 60, a multi-year high. This suggests now is a good time to sell the stock, but not to buy.
