POET Technologies (NASDAQ:POET) Trading 7.8% Higher – Here’s Why

POET Technologies Inc. (NASDAQ:POET) rose 7.8% during trading on Tuesday . The company traded as high as $6.89 and last traded at $6.7130. Approximately 4,362,296 shares traded hands during mid-day trading, an increase of 6% from the average daily volume of 4,103,571 shares. The stock had previously closed at $6.23.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on POET shares. Northland Securities set a $8.00 target price on shares of POET Technologies in a research note on Wednesday, December 3rd. Wall Street Zen upgraded shares of POET Technologies from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of POET Technologies in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, POET Technologies has an average rating of “Sell” and an average price target of $8.00.

POET Technologies Stock Performance

The firm has a market capitalization of $891.29 million, a PE ratio of -9.39 and a beta of 0.47. The company’s 50-day moving average price is $6.19 and its 200-day moving average price is $5.60.

POET Technologies (NASDAQ:POET) last released its quarterly earnings data on Thursday, November 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). POET Technologies had a negative return on equity of 103.46% and a negative net margin of 6,625.16%.The business had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.55 million. As a group, analysts anticipate that POET Technologies Inc. will post -0.45 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. MMCAP International Inc. SPC boosted its stake in POET Technologies by 2,198.7% during the 2nd quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company’s stock worth $30,710,000 after purchasing an additional 5,637,964 shares during the period. Raymond James Financial Inc. raised its stake 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 worth $2,290,000 after purchasing an additional 177,341 shares during the last quarter. Tyler Stone Wealth Management increased its position in POET Technologies by 24.1% during the 1st quarter. Tyler Stone Wealth Management now owns 349,800 shares of the company’s stock worth $1,322,000 after purchasing an additional 68,000 shares during the period. Quadrature Capital Ltd purchased a new stake in POET Technologies during the second quarter worth about $855,000. Finally, Jump Financial LLC acquired a new stake in shares of POET Technologies during the 2nd quarter valued at approximately $619,000. 1.99% of the stock is currently owned by hedge funds and other institutional investors.

POET Technologies Company Profile

POET Technologies Inc designs, develops, manufactures, and sells discrete and integrated opto-electronic solutions in Canada, the United States, Singapore, and China. It offers integration solutions based on the POET Optical Interposer, a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques.