POET Technologies (NASDAQ:POET) Shares Gap Up – Here’s What Happened

POET Technologies Inc. (NASDAQ:POET) gapped up before the market opened on Tuesday. The stock had previously closed at $7.41, but opened at $7.71. POET Technologies shares last traded at $7.7520, with a volume of 1,195,747 shares traded.

Wall Street Analyst Weigh In

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

POET Technologies Trading Up 4.0%

The firm has a market capitalization of $1.18 billion, a PE ratio of -13.27 and a beta of 0.83. The company has a fifty day moving average price of $7.90 and a two-hundred day moving average price of $9.15.

POET Technologies (NASDAQ:POET) last announced its earnings results on Thursday, August 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.07). The firm had revenue of $0.57 million during the quarter, compared to analysts’ expectations of $0.50 million. POET Technologies had a negative return on equity of 11.65% and a negative net margin of 4,423.13%.During the same period in the prior year, the firm earned ($0.21) EPS. As a group, equities research analysts predict that POET Technologies Inc. will post -0.28 earnings per share for the current year.

Hedge Funds Weigh In On POET Technologies

A number of hedge funds have recently modified their holdings of POET. Coldstream Capital Management Inc. lifted its holdings in shares of POET Technologies by 34.7% during the fourth quarter. Coldstream Capital Management Inc. now owns 13,473 shares of the company’s stock worth $85,000 after purchasing an additional 3,473 shares during the period. TD Waterhouse Canada Inc. increased its stake in POET Technologies by 58.8% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 15,679 shares of the company’s stock valued at $152,000 after buying an additional 5,807 shares during the period. Shelton Wealth Management LLC acquired a new position in POET Technologies in the 1st quarter valued at $59,000. PNC Financial Services Group Inc. purchased a new position in POET Technologies during the 1st quarter worth $59,000. Finally, Archford Capital Strategies LLC purchased a new position in POET Technologies during the 2nd quarter worth $103,000. 1.99% of the stock is currently owned by hedge funds and other institutional investors.

About POET Technologies

POET Technologies, Inc is a technology company that develops photonic integrated circuits, optical engines and related semiconductor components for high-speed communications. Its products are designed to convert and transmit data using light, supporting applications in data centers, telecommunications networks, artificial intelligence infrastructure and high-performance computing.

The company’s technology is based on its Optical Interposer platform, which integrates electronic and photonic components into compact, scalable modules.