POET Technologies (NASDAQ:POET) Stock Price Down 9.7% – Should You Sell?

POET Technologies Inc. (NASDAQ:POET)’s share price traded down 9.7% on Tuesday . The company traded as low as $10.89 and last traded at $10.9230. 8,684,374 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 26,298,559 shares. The stock had previously closed at $12.09.

Analyst Ratings Changes

POET has been the subject of several research reports. Wall Street Zen cut shares of POET Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, April 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of POET Technologies in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, POET Technologies currently has a consensus rating of “Sell” and a consensus target price of $8.00.

POET Technologies Trading Up 0.9%

The firm has a 50 day moving average price of $11.94 and a 200-day moving average price of $8.42. The firm has a market cap of $1.65 billion, a PE ratio of -15.12 and a beta of 0.75.

POET Technologies (NASDAQ:POET) last released its earnings results on Thursday, May 14th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). POET Technologies had a negative return on equity of 27.24% and a negative net margin of 5,786.60%.The firm had revenue of $0.50 million for the quarter, compared to analysts’ expectations of $0.25 million. Equities analysts forecast that POET Technologies Inc. will post -0.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On POET Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Advisory Services Network LLC acquired a new position in shares of POET Technologies during the third quarter worth $25,000. Quarry LP acquired a new stake in POET Technologies in the fourth quarter valued at $29,000. Coldstream Capital Management Inc. purchased a new stake in POET Technologies during the 3rd quarter worth about $55,000. Shelton Wealth Management LLC acquired a new position in shares of POET Technologies during the 1st quarter worth about $59,000. Finally, PNC Financial Services Group Inc. acquired a new position in shares of POET Technologies during the 1st quarter worth about $59,000. 1.99% of the stock is currently owned by institutional investors and hedge funds.

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.