POET Technologies (NASDAQ:POET) Shares Gap Up – What’s Next?

POET Technologies Inc. (NASDAQ:POET) shares gapped up before the market opened on Monday. The stock had previously closed at $5.43, but opened at $5.73. POET Technologies shares last traded at $5.5050, with a volume of 1,174,373 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Wall Street Zen raised POET Technologies from a “sell” rating to a “hold” rating in a report on Sunday, October 4th. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research note on Thursday, October 15th. One analyst has rated the stock with a Sell rating. According to data from MarketBeat, POET Technologies currently has a consensus rating of “Sell” and an average target price of $8.00.

POET Technologies Stock Performance

The business’s 50 day moving average price is $7.60 and its 200 day moving average price is $9.22.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Shelton Wealth Management LLC acquired a new position in shares of POET Technologies in the first quarter worth about $59,000. PNC Financial Services Group Inc. purchased a new stake in shares of POET Technologies during the 1st quarter worth about $59,000. Quintet Private Bank Europe S.A. grew its position in shares of POET Technologies by 220.0% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 8,000 shares of the company’s stock valued at $60,000 after acquiring an additional 5,500 shares during the period. Hidden Cove Wealth Management LLC acquired a new stake in shares of POET Technologies during the 3rd quarter valued at about $78,000. Finally, Compound Planning Inc. acquired a new stake in shares of POET Technologies during the 1st quarter valued at about $94,000. Hedge funds and other institutional investors own 1.99% of the company’s stock.

About POET Technologies

POET Technologies Inc is a technology company that develops photonic and optoelectronic solutions for communications, data-center and artificial-intelligence applications. Its products are designed to help transmit and process data at high speeds while supporting lower power consumption and more compact system designs.

The company’s core technology is the POET Optical Interposer, a semiconductor-based platform that integrates optical and electronic components into a single package. This platform is used to develop optical engines and other solutions for fiber-optic communications, including applications involving data-center interconnects, high-performance computing and telecommunications networks.

POET Technologies works with manufacturing and industry partners to commercialize products based on its optical-interposer technology.