POET Technologies (CVE:PTK) Shares Down 1.5% – Here’s Why

POET Technologies Inc. (CVE:PTK)’s share price fell 1.5% on Thursday . The company traded as low as C$7.29 and last traded at C$7.38. Approximately 152,071 shares changed hands during mid-day trading, a decline of 3% from the average daily volume of 156,992 shares. The stock had previously closed at C$7.49.

Analyst Upgrades and Downgrades

Separately, Singular Research upgraded POET Technologies to a “strong-buy” rating in a research note on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, POET Technologies currently has a consensus rating of “Strong Buy”.

POET Technologies Trading Down 1.5%

The company has a 50 day moving average of C$7.38 and a 200 day moving average of C$7.38. The company has a debt-to-equity ratio of 14.84, a quick ratio of 5.08 and a current ratio of 1.89. The stock has a market capitalization of C$669.51 million, a price-to-earnings ratio of -9.11 and a beta of 0.82.

Insider Buying and Selling at POET Technologies

In related news, insider Kevin Barnes sold 35,625 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of C$20.20, for a total transaction of C$719,625.00. Following the transaction, the insider directly owned 82,746 shares in the company, valued at approximately C$1,671,469.20. The trade was a 30.10% decrease in their ownership of the stock. Also, insider Mo Jinyu sold 30,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of C$20.15, for a total transaction of C$604,500.00. Insiders have sold 180,500 shares of company stock valued at $3,597,905 over the last ninety days. 0.82% of the stock is currently owned by corporate insiders.

About POET Technologies

POET Technologies Inc designs, develops, manufactures, and sells discrete and integrated opto-electronic solutions in Canada, the United States, Singapore, and China. The company 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. It also develops photonic integrated components. The company serves the data center, telecommunications, Internet of things and industrial sensing, automotive LIDAR, optical coherence tomography for medical devices, and virtual reality systems markets.