POET Technologies (NASDAQ:POET) Shares Gap Up – Here’s What Happened

POET Technologies Inc. (NASDAQ:POET) gapped up before the market opened on Tuesday. The stock had previously closed at $7.41, but opened at $7.71. POET Technologies shares last traded at $7.7520, with a volume of 1,195,747 shares.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on POET. Wall Street Zen downgraded shares of POET Technologies from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a research report on Friday, July 17th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of “Sell” and a consensus price target of $8.00.

POET Technologies Trading Up 4.0%

The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -13.27 and a beta of 0.83. The stock’s 50 day moving average price is $7.90 and its two-hundred day moving average price is $9.15.

POET Technologies (NASDAQ:POET) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.07). POET Technologies had a negative net margin of 4,423.13% and a negative return on equity of 11.65%. The business had revenue of $0.57 million during the quarter, compared to the consensus estimate of $0.50 million. During the same quarter last year, the firm posted ($0.21) EPS. On average, sell-side analysts forecast that POET Technologies Inc. will post -0.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in POET. IPG Investment Advisors LLC acquired a new stake in shares of POET Technologies during the 2nd quarter valued at approximately $149,000. Archford Capital Strategies LLC acquired a new stake in shares of POET Technologies in the 2nd quarter worth approximately $103,000. TD Waterhouse Canada Inc. grew its holdings in shares of POET Technologies by 58.8% in the 2nd 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 during the period. Teza Capital Management LLC purchased a new position in POET Technologies in the 2nd quarter valued at approximately $349,000. Finally, Headlands Technologies LLC increased its stake in POET Technologies by 53.1% in the 2nd quarter. Headlands Technologies LLC now owns 56,776 shares of the company’s stock valued at $584,000 after purchasing an additional 19,692 shares in the last quarter. 1.99% of the stock is owned by hedge funds and other institutional investors.

POET Technologies Company Profile

POET Technologies, Inc is a technology company that develops photonic integrated circuits, optical engines and related semiconductor components for high-speed communications. Its products are designed to convert and transmit data using light, supporting applications in data centers, telecommunications networks, artificial intelligence infrastructure and high-performance computing.

The company’s technology is based on its Optical Interposer platform, which integrates electronic and photonic components into compact, scalable modules.