POET Technologies (NASDAQ:POET) Sees Large Volume Increase – Here’s Why
by Scott Moore · The Cerbat GemPOET Technologies Inc. (NASDAQ:POET – Get Free Report) shares saw unusually-strong trading volume on Monday . Approximately 78,867,362 shares traded hands during mid-day trading, an increase of 473% from the previous session’s volume of 13,766,886 shares.The stock last traded at $7.8490 and had previously closed at $15.10.
Analysts Set New Price Targets
Several brokerages have recently weighed in on POET. Wall Street Zen lowered shares of POET Technologies from a “hold” rating to a “sell” rating in a report on Saturday, April 4th. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Sell” and a consensus target price of $8.00.
Get Our Latest Analysis on POET
POET Technologies Stock Down 48.8%
The stock has a market capitalization of $1.02 billion, a P/E ratio of -13.81 and a beta of 0.36. The business’s 50 day simple moving average is $6.84 and its two-hundred day simple moving average is $6.58.
POET Technologies (NASDAQ:POET – Get Free Report) last posted its earnings results on Tuesday, March 31st. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). POET Technologies had a negative return on equity of 38.88% and a negative net margin of 5,857.02%.The business had revenue of $0.34 million for the quarter, compared to the consensus estimate of $0.40 million. Analysts predict that POET Technologies Inc. will post -0.21 earnings per share for the current year.
Institutional Trading of POET Technologies
Several institutional investors and hedge funds have recently modified their holdings of POET. Federation des caisses Desjardins du Quebec lifted its holdings in shares of POET Technologies by 33.6% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 618,604 shares of the company’s stock valued at $3,910,000 after purchasing an additional 155,428 shares in the last quarter. Private Advisor Group LLC bought a new stake in POET Technologies during the fourth quarter worth $2,707,000. Raymond James Financial Inc. raised its position in POET Technologies by 75.1% in the 3rd quarter. Raymond James Financial Inc. now owns 413,333 shares of the company’s stock valued at $2,290,000 after buying an additional 177,341 shares during the last quarter. Royal Bank of Canada raised its position in POET Technologies by 55.1% in the 4th quarter. Royal Bank of Canada now owns 124,468 shares of the company’s stock valued at $788,000 after buying an additional 44,205 shares during the last quarter. Finally, Jump Financial LLC bought a new position in POET Technologies during the 2nd quarter valued at $619,000. 1.99% of the stock is owned by hedge funds and other institutional investors.
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.