POET Technologies (NASDAQ:POET) Shares Gap Down – Time to Sell?

POET Technologies Inc. (NASDAQ:POET)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $8.37, but opened at $7.70. POET Technologies shares last traded at $7.3360, with a volume of 13,357,282 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on POET shares. Northland Securities set a $8.00 target price on POET Technologies in a research note on Wednesday, December 3rd. Wall Street Zen upgraded POET Technologies from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of POET Technologies in a research note on Thursday. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has an average rating of “Sell” and a consensus price target of $8.00.

POET Technologies Stock Performance

The company has a 50-day simple moving average of $6.42 and a two-hundred day simple moving average of $6.18. The firm has a market capitalization of $910.53 million, a P/E ratio of -9.60 and a beta of 0.31.

POET Technologies (NASDAQ:POET) last released its earnings results on Thursday, November 13th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). POET Technologies had a negative net margin of 6,625.16% and a negative return on equity of 103.46%. The firm had revenue of $0.30 million during the quarter, compared to analysts’ expectations of $0.55 million. As a group, research analysts forecast that POET Technologies Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Trading of POET Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of POET. Advisory Services Network LLC bought a new position in shares of POET Technologies in the 3rd quarter worth about $25,000. New Millennium Group LLC purchased a new stake in POET Technologies in the third quarter worth about $27,000. CoreCap Advisors LLC increased its stake in shares of POET Technologies by 1,967.2% during the third quarter. CoreCap Advisors LLC now owns 5,168 shares of the company’s stock valued at $29,000 after purchasing an additional 4,918 shares in the last quarter. SBI Securities Co. Ltd. increased its stake in shares of POET Technologies by 95.3% during the third quarter. SBI Securities Co. Ltd. now owns 8,487 shares of the company’s stock valued at $47,000 after purchasing an additional 4,142 shares in the last quarter. Finally, Albion Financial Group UT lifted its holdings in shares of POET Technologies by 233.3% during the fourth quarter. Albion Financial Group UT now owns 10,000 shares of the company’s stock valued at $63,000 after purchasing an additional 7,000 shares during the last quarter. 1.99% of the stock is owned by hedge funds and other institutional investors.

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.