POET Technologies (NASDAQ:POET) Sees Unusually-High Trading Volume – Here’s Why

POET Technologies Inc. (NASDAQ:POET) saw unusually-high trading volume on Thursday . Approximately 10,640,886 shares changed hands during mid-day trading, an increase of 22% from the previous session’s volume of 8,695,731 shares.The stock last traded at $7.7230 and had previously closed at $7.44.

Wall Street Analysts Forecast Growth

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

POET Technologies Price Performance

The business’s 50 day simple moving average is $6.62 and its 200 day simple moving average is $6.27. The company has a market capitalization of $901.70 million, a price-to-earnings ratio of -9.49 and a beta of 0.36.

Institutional Trading of POET Technologies

A number of hedge funds have recently added to or reduced their stakes in POET. Steward Partners Investment Advisory LLC grew its stake in shares of POET Technologies by 390.4% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 13,520 shares of the company’s stock valued at $70,000 after purchasing an additional 10,763 shares during the last quarter. Scotia Capital Inc. lifted its holdings in shares of POET Technologies by 13.0% during the second quarter. Scotia Capital Inc. now owns 18,295 shares of the company’s stock worth $95,000 after purchasing an additional 2,100 shares during the period. Quadrature Capital Ltd purchased a new position in POET Technologies in the 2nd quarter valued at $855,000. Jump Financial LLC acquired a new position in POET Technologies in the 2nd quarter valued at $619,000. Finally, Raymond James Financial Inc. raised its position in POET Technologies by 253.1% during the 2nd quarter. Raymond James Financial Inc. now owns 235,992 shares of the company’s stock worth $1,230,000 after buying an additional 169,158 shares during the last quarter. 1.99% of the stock is owned by institutional investors and hedge funds.

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.