POET Technologies (NASDAQ:POET) Shares Gap Up – Time to Buy?

POET Technologies Inc. (NASDAQ:POET)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $5.08, but opened at $5.39. POET Technologies shares last traded at $5.4110, with a volume of 2,430,734 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on POET shares. Northland Securities set a $8.00 target price on POET Technologies in a research note on Wednesday, December 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of POET Technologies in a research note on Thursday, January 22nd. 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 an average target price of $8.00.

POET Technologies Price Performance

The company has a market capitalization of $712.25 million, a P/E ratio of -7.59 and a beta of 0.36. The company has a 50 day moving average of $6.24 and a 200-day moving average of $6.33.

Institutional Investors Weigh In On POET Technologies

Large investors have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC raised its holdings in shares of POET Technologies by 390.4% during the second quarter. Steward Partners Investment Advisory LLC now owns 13,520 shares of the company’s stock valued at $70,000 after acquiring an additional 10,763 shares in the last quarter. Scotia Capital Inc. lifted its stake in POET Technologies by 13.0% in the second quarter. Scotia Capital Inc. now owns 18,295 shares of the company’s stock worth $95,000 after acquiring an additional 2,100 shares during the period. Quadrature Capital Ltd bought a new stake in POET Technologies in the second quarter valued at $855,000. Jump Financial LLC bought a new stake in POET Technologies in the second quarter valued at $619,000. Finally, Raymond James Financial Inc. increased 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 valued at $1,230,000 after purchasing an additional 169,158 shares during the period. 1.99% of the stock is currently owned by 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.