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

POET Technologies Inc. (NASDAQ:POET)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $4.68, but opened at $5.39. POET Technologies shares last traded at $5.7250, with a volume of 13,056,339 shares traded.

Wall Street Analyst Weigh In

POET has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of POET Technologies in a research note on Wednesday, October 8th. Northland Securities set a $8.00 price target on shares of POET Technologies in a research note on Wednesday. Finally, Wall Street Zen raised shares of POET Technologies from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has an average rating of “Sell” and an average price target of $8.00.

POET Technologies Stock Performance

The firm has a market capitalization of $520.28 million, a P/E ratio of -7.97 and a beta of 0.46. The firm has a 50-day moving average of $6.17 and a 200-day moving average of $5.55.

POET Technologies (NASDAQ:POET) last announced its earnings results on Thursday, November 13th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). POET Technologies had a negative return on equity of 103.46% and a negative net margin of 6,625.16%.The company had revenue of $0.30 million during the quarter, compared to analysts’ expectations of $0.55 million. On average, research analysts forecast that POET Technologies Inc. will post -0.45 EPS for the current fiscal year.

Institutional Trading of POET Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. MMCAP International Inc. SPC lifted its stake in POET Technologies by 2,198.7% in the second quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company’s stock valued at $30,710,000 after buying an additional 5,637,964 shares during the last quarter. Raymond James Financial Inc. boosted its stake in POET Technologies by 75.1% in the 3rd quarter. Raymond James Financial Inc. now owns 413,333 shares of the company’s stock worth $2,290,000 after purchasing an additional 177,341 shares during the period. Quadrature Capital Ltd acquired a new position in shares of POET Technologies in the second quarter worth $855,000. Jump Financial LLC acquired a new position in POET Technologies in the 2nd quarter worth about $619,000. Finally, Virtu Financial LLC acquired a new stake in shares of POET Technologies during the 3rd quarter valued at about $382,000. Institutional investors own 1.99% of the company’s stock.

POET Technologies Company Profile

POET Technologies Inc designs, develops, manufactures, and sells discrete and integrated opto-electronic solutions in Canada, the United States, Singapore, and China. It offers integration solutions based on the POET Optical Interposer, a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques.