POET Technologies (NASDAQ:POET) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of POET Technologies (NASDAQ:POET) from a sell rating to a hold rating in a research note released on Sunday,Wall Street Zen reports.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a report on Friday, July 17th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, POET Technologies presently has a consensus rating of “Sell” and a consensus price target of $8.00.

POET Technologies Stock Performance

POET Technologies stock opened at $7.71 on Friday. The business’s 50-day simple moving average is $7.93 and its two-hundred day simple moving average is $9.18. The company has a market cap of $1.18 billion, a PE ratio of -13.29 and a beta of 0.83. POET Technologies has a fifty-two week low of $3.87 and a fifty-two week high of $20.81.

POET Technologies (NASDAQ:POET) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.07). POET Technologies had a negative return on equity of 11.65% and a negative net margin of 4,423.13%.The firm had revenue of $0.57 million during the quarter, compared to analysts’ expectations of $0.50 million. During the same period last year, the business posted ($0.21) earnings per share. As a group, analysts predict that POET Technologies will post -0.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Counterpoint Mutual Funds LLC purchased a new stake in POET Technologies during the first quarter worth $598,000. SummitTX Capital L.P. acquired a new stake in POET Technologies during the first quarter valued at $452,000. Royal Bank of Canada increased its holdings in POET Technologies by 46.8% in the first quarter. Royal Bank of Canada now owns 182,682 shares of the company’s stock valued at $1,085,000 after buying an additional 58,214 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in POET Technologies by 3,806.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 56,408 shares of the company’s stock valued at $357,000 after buying an additional 54,964 shares in the last quarter. Finally, Teza Capital Management LLC acquired a new position in shares of POET Technologies in the second quarter worth about $349,000. 1.99% of the stock is currently owned by hedge funds and other institutional investors.

About POET Technologies

POET Technologies Inc is a technology company that develops photonic and optoelectronic solutions for communications, data-center and artificial-intelligence applications. Its products are designed to help transmit and process data at high speeds while supporting lower power consumption and more compact system designs.

The company’s core technology is the POET Optical Interposer, a semiconductor-based platform that integrates optical and electronic components into a single package. This platform is used to develop optical engines and other solutions for fiber-optic communications, including applications involving data-center interconnects, high-performance computing and telecommunications networks.

POET Technologies works with manufacturing and industry partners to commercialize products based on its optical-interposer technology.