POET Technologies (NASDAQ:POET) Trading Down 5.2% – What’s Next?

Shares of POET Technologies Inc. (NASDAQ:POET) were down 5.2% during mid-day trading on Thursday . The company traded as low as $5.64 and last traded at $5.7850. Approximately 2,252,389 shares were traded during trading, a decline of 75% from the average daily volume of 8,972,222 shares. The stock had previously closed at $6.10.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Northland Securities set a $8.00 price objective on POET Technologies in a research report on Wednesday, December 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has a consensus rating of “Sell” and an average target price of $8.00.

POET Technologies Stock Down 5.5%

The firm has a 50 day moving average price of $6.31 and a 200 day moving average price of $6.32. The stock has a market cap of $685.18 million, a PE ratio of -7.21 and a beta of 0.36.

Institutional Investors Weigh In On POET Technologies

Several large investors have recently modified their holdings of POET. Steward Partners Investment Advisory LLC lifted its position in shares of POET Technologies by 390.4% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 13,520 shares of the company’s stock worth $70,000 after purchasing an additional 10,763 shares during the period. Scotia Capital Inc. raised its stake in POET Technologies by 13.0% in the second quarter. Scotia Capital Inc. now owns 18,295 shares of the company’s stock worth $95,000 after buying an additional 2,100 shares in the last quarter. Quadrature Capital Ltd bought a new position in POET Technologies in the second quarter worth approximately $855,000. Jump Financial LLC purchased a new stake in POET Technologies during the second quarter worth $619,000. Finally, Raymond James Financial Inc. lifted its holdings in POET Technologies by 253.1% during the second quarter. Raymond James Financial Inc. now owns 235,992 shares of the company’s stock worth $1,230,000 after buying an additional 169,158 shares during the period. 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.