POET Technologies (NASDAQ:POET) Shares Down 8.2% – Should You Sell?

POET Technologies Inc. (NASDAQ:POET)’s share price was down 8.2% during trading on Friday . The stock traded as low as $7.49 and last traded at $7.52. 6,411,518 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 22,510,285 shares. The stock had previously closed at $8.19.

Wall Street Analyst Weigh In

POET has been the subject of a number of research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of POET Technologies in a report on Friday, July 17th. Wall Street Zen upgraded shares of POET Technologies from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has a consensus rating of “Sell” and a consensus target price of $8.00.

POET Technologies Trading Down 8.4%

The stock has a fifty day moving average of $8.48 and a 200-day moving average of $8.90. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of -12.93 and a beta of 0.81.

POET Technologies (NASDAQ:POET) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.07) earnings per share for the quarter, hitting analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $0.50 million. During the same quarter last year, the business posted ($0.21) EPS. As a group, equities research analysts forecast that POET Technologies Inc. will post -0.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On POET Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Coldstream Capital Management Inc. lifted its position in POET Technologies by 34.7% in the 4th quarter. Coldstream Capital Management Inc. now owns 13,473 shares of the company’s stock worth $85,000 after buying an additional 3,473 shares in the last quarter. Advisory Services Network LLC purchased a new position in shares of POET Technologies during the 3rd quarter valued at $25,000. Quarry LP acquired a new position in shares of POET Technologies in the fourth quarter worth $29,000. Moneta Group Investment Advisors LLC increased its stake in shares of POET Technologies by 31.8% in the third quarter. Moneta Group Investment Advisors LLC now owns 23,533 shares of the company’s stock worth $130,000 after acquiring an additional 5,681 shares during the last quarter. Finally, TD Waterhouse Canada Inc. raised its holdings in shares of POET Technologies by 58.8% during the second quarter. TD Waterhouse Canada Inc. now owns 15,679 shares of the company’s stock worth $152,000 after acquiring an additional 5,807 shares in the last quarter. Institutional investors and hedge funds own 1.99% of the company’s stock.

About POET Technologies

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.