POET Technologies (NASDAQ:POET) Stock Price Down 5.9% – Here’s What Happened

Shares of POET Technologies Inc. (NASDAQ:POET) were down 5.9% on Tuesday . The stock traded as low as $6.62 and last traded at $6.5050. Approximately 3,949,837 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 9,064,233 shares. The stock had previously closed at $6.91.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on POET shares. Northland Securities set a $8.00 price target on shares of POET Technologies in a research note on Wednesday, December 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell” and an average target price of $8.00.

POET Technologies Stock Down 2.7%

The firm’s 50 day moving average is $6.61 and its 200-day moving average is $6.29. The firm has a market cap of $887.83 million, a PE ratio of -9.33 and a beta of 0.36.

Institutional Investors Weigh In On POET Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. Federation des caisses Desjardins du Quebec boosted its stake in POET Technologies by 33.6% during the 4th 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 acquired a new stake in POET Technologies in the 4th quarter worth approximately $2,707,000. Raymond James Financial Inc. raised its holdings 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 acquiring an additional 177,341 shares during the period. Quadrature Capital Ltd bought a new stake in POET Technologies during the 2nd quarter valued at approximately $855,000. Finally, Royal Bank of Canada raised its holdings in POET Technologies by 55.1% in the 4th quarter. Royal Bank of Canada now owns 124,468 shares of the company’s stock valued at $788,000 after acquiring an additional 44,205 shares in the last quarter. Institutional investors and hedge funds 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.