POET Technologies (NASDAQ:POET) Stock Price Up 8.7% – Should You Buy?

Shares of POET Technologies Inc. (NASDAQ:POET) rose 8.7% on Tuesday . The company traded as high as $7.61 and last traded at $7.7320. Approximately 5,638,001 shares changed hands during trading, a decline of 67% from the average daily volume of 17,128,607 shares. The stock had previously closed at $7.11.

Wall Street Analyst Weigh In

POET has been the topic of a number of analyst reports. Wall Street Zen cut shares of POET Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, April 4th. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a report on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has a consensus rating of “Sell” and an average price target of $8.00.

POET Technologies Trading Up 30.9%

The company has a market cap of $1.23 billion, a PE ratio of -16.57 and a beta of 0.53. The company’s 50 day moving average is $6.99 and its 200 day moving average is $6.55.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC bought a new position in POET Technologies during the 3rd quarter worth about $25,000. Quarry LP bought a new position in POET Technologies during the 4th quarter worth about $29,000. New Millennium Group LLC bought a new position in POET Technologies during the 3rd quarter worth about $27,000. CoreCap Advisors LLC grew its holdings in 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 acquiring an additional 4,918 shares in the last quarter. Finally, SBI Securities Co. Ltd. grew its holdings in POET Technologies by 95.3% during the 3rd quarter. SBI Securities Co. Ltd. now owns 8,487 shares of the company’s stock worth $47,000 after acquiring an additional 4,142 shares in the last quarter. 1.99% of the stock is currently owned by institutional investors.

POET Technologies Company Profile

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.