POET Technologies (NASDAQ:POET) Stock Price Up 8.4% – Here’s Why

Shares of POET Technologies Inc. (NASDAQ:POET) shot up 8.4% on Tuesday . The company traded as high as $8.02 and last traded at $8.0950. Approximately 1,433,547 shares were traded during mid-day trading, a decline of 94% from the average session volume of 24,721,428 shares. The stock had previously closed at $7.47.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Wall Street Zen cut POET Technologies from a “hold” rating to a “sell” rating in a report on Saturday, April 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a research note on Friday, July 17th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has an average rating of “Sell” and an average target price of $8.00.

POET Technologies Stock Performance

The company has a 50 day moving average price of $11.45 and a 200 day moving average price of $8.71. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of -10.62 and a beta of 0.75.

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

Hedge Funds Weigh In On POET Technologies

Institutional investors have recently modified their holdings of the company. Private Advisor Group LLC acquired a new position in POET Technologies during the fourth quarter worth $2,707,000. Raymond James Financial Inc. grew its holdings in shares of POET Technologies by 75.1% during the third quarter. Raymond James Financial Inc. now owns 413,333 shares of the company’s stock valued at $2,290,000 after buying an additional 177,341 shares during the last quarter. Federation des caisses Desjardins du Quebec grew its holdings in shares of POET Technologies by 33.6% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 618,604 shares of the company’s stock valued at $3,910,000 after buying an additional 155,428 shares during the last quarter. Jump Financial LLC bought a new stake in shares of POET Technologies during the second quarter worth about $619,000. Finally, Counterpoint Mutual Funds LLC bought a new stake in shares of POET Technologies during the first quarter worth about $598,000. 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.