POET Technologies (NASDAQ:POET) Sees Strong Trading Volume – Should You Buy?

POET Technologies Inc. (NASDAQ:POET) saw an uptick in trading volume on Thursday . 10,640,886 shares traded hands during trading, an increase of 22% from the previous session’s volume of 8,695,731 shares.The stock last traded at $7.7230 and had previously closed at $7.44.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on POET. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a report on Thursday, January 22nd. Wall Street Zen upgraded POET Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Finally, Northland Securities set a $8.00 target price on POET Technologies in a report on Wednesday, December 3rd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of “Sell” and a consensus target price of $8.00.

POET Technologies Stock Up 3.6%

The business’s fifty day moving average is $6.60 and its two-hundred day moving average is $6.25. The stock has a market capitalization of $1.02 billion, a PE ratio of -10.70 and a beta of 0.36.

Hedge Funds Weigh In On POET Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Quadrature Capital Ltd bought a new position in shares of POET Technologies in the 2nd quarter valued at about $855,000. Apollon Wealth Management LLC bought a new stake in POET Technologies during the fourth quarter worth approximately $127,000. Albion Financial Group UT increased its stake in POET Technologies by 233.3% during the fourth quarter. Albion Financial Group UT now owns 10,000 shares of the company’s stock worth $63,000 after acquiring an additional 7,000 shares during the last quarter. Redhawk Wealth Advisors Inc. purchased a new stake in POET Technologies during the fourth quarter valued at approximately $76,000. Finally, Woodstock Corp purchased a new stake in POET Technologies during the fourth quarter valued at approximately $430,000. 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.