POET Technologies (NASDAQ:POET) Stock Price Up 7.9% – Should You Buy?

POET Technologies Inc. (NASDAQ:POET) shot up 7.9% during trading on Thursday . The company traded as high as $5.80 and last traded at $6.0440. 2,775,317 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 9,049,656 shares. The stock had previously closed at $5.60.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on POET. Wall Street Zen cut shares of POET Technologies from a “hold” rating to a “sell” rating in a report on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a research report on Thursday, January 22nd. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, POET Technologies currently has a consensus rating of “Sell” and an average target price of $8.00.

POET Technologies Stock Performance

The stock has a market capitalization of $806.65 million, a price-to-earnings ratio of -10.91 and a beta of 0.36. The stock has a 50-day simple moving average of $6.11 and a 200 day simple moving average of $6.33.

POET Technologies (NASDAQ:POET) last announced its quarterly earnings data on Tuesday, March 31st. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). POET Technologies had a negative net margin of 6,625.16% and a negative return on equity of 103.46%. The company had revenue of $0.34 million for the quarter, compared to analysts’ expectations of $0.40 million. Sell-side analysts expect that POET Technologies Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Trading of 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 in the third quarter worth $25,000. Quarry LP acquired a new stake in shares of POET Technologies in the fourth quarter worth $29,000. New Millennium Group LLC bought a new stake in shares of POET Technologies in the 3rd quarter worth approximately $27,000. CoreCap Advisors LLC grew its holdings in shares of POET Technologies by 1,967.2% during the 3rd quarter. CoreCap Advisors LLC now owns 5,168 shares of the company’s stock worth $29,000 after purchasing an additional 4,918 shares in the last quarter. Finally, SBI Securities Co. Ltd. boosted its stake 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. 1.99% of the stock is owned by 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.