POET Technologies (NASDAQ:POET) Stock Price Up 8.9% – What’s Next?

POET Technologies Inc. (NASDAQ:POET)’s share price rose 8.9% during trading on Tuesday . The company traded as high as $5.93 and last traded at $6.0130. Approximately 1,232,531 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 8,418,945 shares. The stock had previously closed at $5.52.

Analysts Set New Price Targets

Several research firms have recently issued reports on POET. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a report on Thursday, January 22nd. Northland Securities set a $8.00 price objective on shares of POET Technologies in a research note on Wednesday, December 3rd. Finally, Wall Street Zen raised POET Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has a consensus rating of “Sell” and a consensus target price of $8.00.

POET Technologies Trading Up 8.4%

The firm has a market capitalization of $790.14 million, a P/E ratio of -8.30 and a beta of 0.37. The stock has a 50-day simple moving average of $6.61 and a two-hundred day simple moving average of $6.14.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MMCAP International Inc. SPC increased its position in POET Technologies by 2,198.7% during the 2nd quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company’s stock valued at $30,710,000 after purchasing an additional 5,637,964 shares during the period. Federation des caisses Desjardins du Quebec boosted its stake in shares of POET Technologies by 33.6% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 618,604 shares of the company’s stock valued at $3,910,000 after purchasing an additional 155,428 shares in the last quarter. Private Advisor Group LLC purchased a new position in POET Technologies during the fourth quarter valued at approximately $2,707,000. Raymond James Financial Inc. raised its stake in POET Technologies by 75.1% in the third quarter. Raymond James Financial Inc. now owns 413,333 shares of the company’s stock worth $2,290,000 after buying an additional 177,341 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in POET Technologies in the second quarter worth approximately $855,000. 1.99% of the stock is currently owned by institutional investors.

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.