POET Technologies (NASDAQ:POET) Shares Gap Up – Should You Buy?

POET Technologies Inc. (NASDAQ:POET) gapped up before the market opened on Wednesday. The stock had previously closed at $5.07, but opened at $5.51. POET Technologies shares last traded at $5.5350, with a volume of 1,454,173 shares trading hands.

Analyst Upgrades and Downgrades

POET has been the subject of a number of analyst reports. Wall Street Zen lowered 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 report on Thursday, October 15th. One investment analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, POET Technologies presently has an average rating of “Sell” and an average price target of $8.00.

POET Technologies Stock Performance

The firm has a market cap of $999.31 million, a price-to-earnings ratio of -9.94 and a beta of 0.91. The firm has a 50-day moving average price of $6.67 and a two-hundred day moving average price of $8.16.

POET Technologies (NASDAQ:POET) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.07) earnings per share for the quarter, meeting the consensus estimate of ($0.07). The business had revenue of $0.57 million during the quarter, compared to the consensus estimate 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 company earned ($0.21) earnings per share. Research analysts anticipate that POET Technologies Inc. will post -0.28 earnings per share for the current year.

Institutional Trading of POET Technologies

Several large investors have recently bought and sold shares of the company. Fund Resources Investment Holding Group Co Ltd acquired a new position in shares of POET Technologies in the third quarter worth $5,818,000. SummitTX Capital L.P. acquired a new position in POET Technologies during the first quarter valued at approximately $452,000. Royal Bank of Canada grew its stake in shares of POET Technologies by 46.8% in the first quarter. Royal Bank of Canada now owns 182,682 shares of the company’s stock valued at $1,085,000 after buying an additional 58,214 shares in the last quarter. Teza Capital Management LLC acquired a new stake in POET Technologies during the 2nd quarter valued at approximately $349,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of POET Technologies in the 1st quarter worth about $118,000. Institutional investors and hedge funds own 1.99% of the company’s stock.

About POET Technologies

POET Technologies develops photonic integrated circuits and optical engines for applications that require high-speed data transmission. Its products are designed for markets including data centers, artificial intelligence infrastructure and telecommunications. The company’s proprietary Optical Interposer platform is intended to integrate optical and electronic components using semiconductor manufacturing techniques. POET uses this platform to develop compact optical engines that combine components such as lasers, photonic devices and integrated circuits.