Paragon Capital Management Ltd Cuts Stake in POET Technologies Inc. $POET

Paragon Capital Management Ltd lessened its stake in POET Technologies Inc. (NASDAQ:POET) by 17.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 476,700 shares of the company’s stock after selling 102,600 shares during the quarter. POET Technologies accounts for approximately 0.5% of Paragon Capital Management Ltd’s holdings, making the stock its 24th largest position. Paragon Capital Management Ltd’s holdings in POET Technologies were worth $2,641,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Quadrature Capital Ltd bought a new stake in POET Technologies in the 2nd quarter valued at $855,000. MMCAP International Inc. SPC increased its holdings in shares of 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 purchasing an additional 5,637,964 shares during the last quarter. Raymond James Financial Inc. increased its holdings in shares of POET Technologies by 253.1% in the second quarter. Raymond James Financial Inc. now owns 235,992 shares of the company’s stock worth $1,230,000 after purchasing an additional 169,158 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of POET Technologies in the second quarter worth about $619,000. Finally, Osaic Holdings Inc. boosted its stake in POET Technologies by 22.3% during the second quarter. Osaic Holdings Inc. now owns 34,735 shares of the company’s stock valued at $181,000 after buying an additional 6,340 shares during the last quarter. 1.99% of the stock is owned by hedge funds and other institutional investors.

POET Technologies Trading Down 1.7%

Shares of POET opened at $7.03 on Thursday. The company’s fifty day simple moving average is $6.00 and its 200-day simple moving average is $5.79. The company has a market cap of $925.68 million, a P/E ratio of -9.76 and a beta of 0.46. POET Technologies Inc. has a twelve month low of $3.09 and a twelve month high of $9.41.

POET Technologies (NASDAQ:POET) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $0.30 million for the quarter, compared to analysts’ expectations of $0.55 million. Analysts predict that POET Technologies Inc. will post -0.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several 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, November 16th. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research report on Wednesday, October 8th. Finally, Northland Securities set a $8.00 price objective on shares of POET Technologies in a research report on Wednesday, December 3rd. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, POET Technologies currently has an average rating of “Sell” and an average target price of $8.00.

POET Technologies Company Profile

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.