POET Technologies (NASDAQ:POET) Shares Up 8.2% – Should You Buy?

POET Technologies Inc. (NASDAQ:POET)’s share price was up 8.2% during trading on Friday . The stock traded as high as $14.40 and last traded at $12.6840. Approximately 16,324,781 shares changed hands during trading, an increase of 35% from the average daily volume of 12,080,418 shares. The stock had previously closed at $11.72.

Analyst Ratings Changes

POET has been the topic of a number of recent analyst reports. Wall Street Zen downgraded shares of POET Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, April 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a report on Tuesday. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, POET Technologies presently has a consensus rating of “Sell” and an average target price of $8.00.

POET Technologies Trading Up 29.6%

The stock’s fifty day moving average is $6.65 and its 200 day moving average is $6.55. The company has a market capitalization of $2.00 billion, a P/E ratio of -27.08 and a beta of 0.36.

POET Technologies (NASDAQ:POET) last announced its quarterly earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $0.34 million during the quarter, compared to the consensus estimate of $0.40 million. On average, analysts expect that POET Technologies Inc. will post -0.21 EPS for the current fiscal year.

Hedge Funds Weigh In On POET Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in POET. Advisory Services Network LLC purchased a new stake in POET Technologies in the third quarter worth $25,000. New Millennium Group LLC bought a new position in POET Technologies in the 3rd quarter worth $27,000. CoreCap Advisors LLC lifted its position in shares of POET Technologies by 1,967.2% in the 3rd quarter. CoreCap Advisors LLC now owns 5,168 shares of the company’s stock worth $29,000 after purchasing an additional 4,918 shares during the period. Quarry LP purchased a new position in shares of POET Technologies during the fourth quarter valued at about $29,000. Finally, SBI Securities Co. Ltd. raised its stake in POET Technologies by 95.3% in the third quarter. SBI Securities Co. Ltd. now owns 8,487 shares of the company’s stock worth $47,000 after buying an additional 4,142 shares in the last quarter. Institutional investors own 1.99% of the company’s stock.

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.