POET Technologies (NASDAQ:POET) Shares Down 7.3% – Here’s Why

POET Technologies Inc. (NASDAQ:POET)’s share price fell 7.3% during trading on Thursday . The stock traded as low as $7.63 and last traded at $7.6660. Approximately 4,250,484 shares traded hands during trading, a decline of 83% from the average session volume of 24,983,779 shares. The stock had previously closed at $8.27.

Analyst Ratings Changes

Several brokerages recently commented on POET. Wall Street Zen lowered POET Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, April 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Sell” and a consensus price target of $8.00.

POET Technologies Stock Down 3.7%

The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of -10.26 and a beta of 0.75. The stock’s 50-day simple moving average is $11.82 and its 200 day simple moving average is $8.66.

POET Technologies (NASDAQ:POET) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.04). POET Technologies had a negative return on equity of 27.24% and a negative net margin of 5,786.60%.The firm had revenue of $0.50 million for the quarter, compared to analyst estimates of $0.25 million. As a group, equities research analysts anticipate that POET Technologies Inc. will post -0.24 earnings per share for the current year.

Institutional Investors Weigh In On POET Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cedar Wealth Management LLC acquired a new stake in POET Technologies in the 4th quarter valued at about $421,000. Counterpoint Mutual Funds LLC acquired a new position in shares of POET Technologies during the first quarter worth approximately $598,000. Caitong International Asset Management Co. Ltd lifted its position in shares of POET Technologies by 3,806.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 56,408 shares of the company’s stock worth $357,000 after purchasing an additional 54,964 shares in the last quarter. Shelton Wealth Management LLC bought a new stake in shares of POET Technologies during the first quarter valued at approximately $59,000. Finally, Capital Financial Group Inc. Co. ADV bought a new stake in shares of POET Technologies during the fourth quarter valued at approximately $73,000. 1.99% of the stock is owned by institutional investors and hedge funds.

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.