POET Technologies (NASDAQ:POET) Shares Gap Up – Here’s What Happened
by Amy Steele · The Cerbat GemPOET Technologies Inc. (NASDAQ:POET – Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $6.33, but opened at $6.66. POET Technologies shares last traded at $6.92, with a volume of 1,230,318 shares.
Analysts Set New Price Targets
Several equities analysts have issued reports on POET shares. Wall Street Zen raised POET Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. Northland Securities set a $8.00 price objective on shares of POET Technologies in a research note on Wednesday, December 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has a consensus rating of “Sell” and a consensus target price of $8.00.
Check Out Our Latest Analysis on POET
POET Technologies Stock Performance
The business has a fifty day moving average of $5.91 and a 200-day moving average of $5.88. The company has a market capitalization of $909.74 million, a P/E ratio of -9.39 and a beta of 0.31.
POET Technologies (NASDAQ:POET – Get Free Report) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). POET Technologies had a negative net margin of 6,625.16% and a negative return on equity of 103.46%. The business had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.55 million. Sell-side analysts anticipate that POET Technologies Inc. will post -0.45 EPS for the current year.
Hedge Funds Weigh In On POET Technologies
Large investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC bought a new stake in POET Technologies during the 3rd quarter worth approximately $25,000. New Millennium Group LLC bought a new position in shares of POET Technologies in the third quarter valued at approximately $27,000. CoreCap Advisors LLC boosted its position in shares of POET Technologies by 1,967.2% during the third quarter. CoreCap Advisors LLC now owns 5,168 shares of the company’s stock valued at $29,000 after buying an additional 4,918 shares during the last quarter. SBI Securities Co. Ltd. grew its holdings in POET Technologies by 95.3% during the third quarter. SBI Securities Co. Ltd. now owns 8,487 shares of the company’s stock worth $47,000 after buying an additional 4,142 shares in the last quarter. Finally, Coldstream Capital Management Inc. purchased a new stake in POET Technologies in the 3rd quarter valued at $55,000. Institutional investors own 1.99% of the company’s stock.
About POET Technologies
POET Technologies Inc is a Canadian fabless semiconductor company focused on the development and commercialization of integrated silicon photonics platforms. Leveraging proprietary POET Optical Interposer™ technology, the company designs and manufactures optical input/output (I/O) solutions that enable high-bandwidth, low-power data transmission between electronic chips and fiber-optic networks. By integrating optical waveguides, lasers, detectors and electronic drivers onto a single chip, POET aims to address the growing demand for faster, more energy-efficient data connectivity in telecommunications, data centers and high-performance computing applications.
The company’s core products include silicon photonics interposer arrays, active optical cables and optical transceiver modules.