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

POET Technologies Inc. (NASDAQ:POET) shares gapped up prior to trading on Wednesday. The stock had previously closed at $5.07, but opened at $5.51. POET Technologies shares last traded at $5.5350, with a volume of 1,454,173 shares changing hands.

Wall Street Analysts Forecast Growth

POET has been the subject of several research analyst reports. Wall Street Zen lowered POET Technologies from a “hold” rating to a “sell” rating in a report on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a research note on Thursday, October 15th. One analyst has rated the stock with a Sell rating. According to data from MarketBeat, the company currently has a consensus rating of “Sell” and an average price target of $8.00.

POET Technologies Trading Up 13.9%

The firm’s fifty day moving average price is $6.67 and its 200-day moving average price is $8.16. The company has a market cap of $999.31 million, a P/E ratio of -9.94 and a beta of 0.91.

POET Technologies (NASDAQ:POET) last released its quarterly earnings data 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 return on equity of 11.65% and a negative net margin of 4,423.13%. The business had revenue of $0.57 million for the quarter, compared to analysts’ expectations of $0.50 million. During the same period in the previous year, the business posted ($0.21) earnings per share. As a group, research analysts forecast that POET Technologies Inc. will post -0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On POET Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Commonwealth Equity Services LLC grew its holdings in POET Technologies by 33.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 17,189 shares of the company’s stock worth $129,000 after acquiring an additional 4,267 shares during the period. Quintet Private Bank Europe S.A. boosted its position in POET Technologies by 220.0% during the third quarter. Quintet Private Bank Europe S.A. now owns 8,000 shares of the company’s stock valued at $60,000 after purchasing an additional 5,500 shares during the last quarter. TD Waterhouse Canada Inc. grew its stake in shares of POET Technologies by 58.8% in the second quarter. TD Waterhouse Canada Inc. now owns 15,679 shares of the company’s stock valued at $152,000 after buying an additional 5,807 shares in the last quarter. SBI Securities Co. Ltd. increased its stake in shares of POET Technologies by 14.0% during the 3rd quarter. SBI Securities Co. Ltd. now owns 47,874 shares of the company’s stock worth $358,000 after purchasing an additional 5,897 shares during the last quarter. Finally, Cibc World Market Inc. raised its stake in POET Technologies by 37.1% in the third quarter. Cibc World Market Inc. now owns 28,696 shares of the company’s stock valued at $215,000 after buying an additional 7,765 shares during the period. Institutional investors own 1.99% of the company’s stock.

POET Technologies Company Profile

POET Technologies develops photonic integrated circuits and optical engines for applications that require high-speed data transmission. Its products are designed for markets including data centers, artificial intelligence infrastructure and telecommunications. The company’s proprietary Optical Interposer platform is intended to integrate optical and electronic components using semiconductor manufacturing techniques. POET uses this platform to develop compact optical engines that combine components such as lasers, photonic devices and integrated circuits.