POET Technologies (NASDAQ:POET) Shares Gap Down – Here’s What Happened

by · The Markets Daily

POET Technologies Inc. (NASDAQ:POET – Get Free Report)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $8.37, but opened at $7.70. POET Technologies shares last traded at $7.3360, with a volume of 13,357,282 shares trading hands.

Wall Street Analysts Forecast Growth

POET has been the topic of several research analyst reports. Northland Securities set a $8.00 price target on shares of POET Technologies in a research report on Wednesday, December 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of POET Technologies in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded POET Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has an average rating of “Sell” and a consensus price target of $8.00.

Get Our Latest Analysis on POET Technologies

POET Technologies Trading Down 15.0%

The firm has a fifty day simple moving average of $6.33 and a 200-day simple moving average of $6.17. The stock has a market cap of $937.15 million, a price-to-earnings ratio of -9.88 and a beta of 0.31.

POET Technologies (NASDAQ:POET – Get Free Report) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The business had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.55 million. POET Technologies had a negative net margin of 6,625.16% and a negative return on equity of 103.46%. On average, equities analysts predict that POET Technologies Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Trading of POET Technologies

A number of large investors have recently bought and sold shares of POET. Advisory Services Network LLC acquired a new position in POET Technologies in the 3rd quarter worth $25,000. New Millennium Group LLC bought a new stake in POET Technologies during the third quarter worth $27,000. CoreCap Advisors LLC raised its holdings in shares of POET Technologies by 1,967.2% in the 3rd quarter. CoreCap Advisors LLC now owns 5,168 shares of the company’s stock valued at $29,000 after purchasing an additional 4,918 shares during the period. SBI Securities Co. Ltd. lifted its position in shares of POET Technologies by 95.3% in the third quarter. SBI Securities Co. Ltd. now owns 8,487 shares of the company’s stock valued at $47,000 after buying an additional 4,142 shares during the last quarter. Finally, Coldstream Capital Management Inc. bought a new position in POET Technologies during the third quarter worth $55,000. 1.99% of the stock is owned by institutional investors.

About POET Technologies

(Get Free Report)

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.

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