POET Technologies (NASDAQ:POET) Shares Gap Down – What’s Next?

POET Technologies Inc. (NASDAQ:POET) gapped down prior to trading on Thursday . The stock had previously closed at $12.77, but opened at $11.82. POET Technologies shares last traded at $11.0330, with a volume of 9,727,821 shares.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Wall Street Zen cut POET Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, April 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of POET Technologies in a research note on Tuesday. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has an average rating of “Sell” and a consensus price target of $8.00.

POET Technologies Stock Down 7.4%

The company’s fifty day simple moving average is $6.53 and its 200 day simple moving average is $6.51. The firm has a market capitalization of $1.56 billion, a PE ratio of -21.14 and a beta of 0.36.

POET Technologies (NASDAQ:POET) last issued its quarterly earnings data on Tuesday, March 31st. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). POET Technologies had a negative return on equity of 38.88% and a negative net margin of 5,857.02%.The company had revenue of $0.34 million during the quarter, compared to analysts’ expectations of $0.40 million. Equities research analysts forecast that POET Technologies Inc. will post -0.21 EPS for the current year.

Institutional Trading of POET Technologies

Several institutional investors and hedge funds have recently bought and sold shares of POET. Jump Financial LLC purchased a new stake in POET Technologies in the second quarter worth about $619,000. Raymond James Financial Inc. lifted its holdings in 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 buying an additional 169,158 shares during the period. Osaic Holdings Inc. lifted its holdings in POET Technologies by 22.3% in the second quarter. Osaic Holdings Inc. now owns 34,735 shares of the company’s stock worth $181,000 after buying an additional 6,340 shares during the period. HBW Advisory Services LLC purchased a new stake in POET Technologies in the third quarter worth about $57,000. Finally, CoreCap Advisors LLC lifted its holdings in POET Technologies by 1,967.2% in the third quarter. CoreCap Advisors LLC now owns 5,168 shares of the company’s stock worth $29,000 after buying an additional 4,918 shares during the period. 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.