POET Technologies (NASDAQ:POET) Trading Up 8.9% – Should You Buy?

POET Technologies Inc. (NASDAQ:POET) shot up 8.9% during mid-day trading on Tuesday . The company traded as high as $5.93 and last traded at $6.0130. 1,232,531 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 8,418,945 shares. The stock had previously closed at $5.52.

Wall Street Analysts Forecast Growth

POET has been the subject of a number of recent analyst reports. Northland Securities set a $8.00 price target on POET Technologies in a research report on Wednesday, December 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a report on Thursday, January 22nd. Finally, Wall Street Zen raised shares of POET Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Sell” and a consensus target price of $8.00.

POET Technologies Stock Down 1.9%

The stock has a market capitalization of $823.82 million, a PE ratio of -8.67 and a beta of 0.37. The stock’s 50-day moving average is $6.62 and its 200 day moving average is $6.14.

Institutional Trading of POET Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Quadrature Capital Ltd bought a new position in POET Technologies during the second quarter valued at approximately $855,000. MMCAP International Inc. SPC grew its position in POET Technologies by 2,198.7% in the second quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company’s stock worth $30,710,000 after acquiring an additional 5,637,964 shares in the last quarter. Aptus Capital Advisors LLC increased its stake in shares of POET Technologies by 8.0% during the 3rd quarter. Aptus Capital Advisors LLC now owns 105,709 shares of the company’s stock worth $586,000 after purchasing an additional 7,800 shares during the last quarter. New Millennium Group LLC bought a new position in shares of POET Technologies during the 3rd quarter valued at $27,000. Finally, SBI Securities Co. Ltd. raised its holdings in shares of POET Technologies by 95.3% during the 3rd quarter. SBI Securities Co. Ltd. now owns 8,487 shares of the company’s stock valued at $47,000 after purchasing an additional 4,142 shares in the last quarter. 1.99% of the stock is currently owned by hedge funds and other institutional investors.

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.