POET Technologies (NASDAQ:POET) Trading 8.2% Higher – Here’s What Happened

POET Technologies Inc. (NASDAQ:POET) shares were up 8.2% during trading on Friday . The stock traded as high as $14.40 and last traded at $12.6840. Approximately 16,324,781 shares changed hands during mid-day trading, an increase of 35% from the average daily volume of 12,080,418 shares. The stock had previously closed at $11.72.

Wall Street Analyst Weigh In

POET has been the topic of several recent research reports. Wall Street Zen lowered POET Technologies from a “hold” rating to a “sell” rating in a report on Saturday, April 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a report on Tuesday. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company has a consensus rating of “Sell” and a consensus price target of $8.00.

POET Technologies Trading Up 29.6%

The stock has a market capitalization of $2.00 billion, a P/E ratio of -27.08 and a beta of 0.36. The business has a fifty day simple moving average of $6.65 and a 200 day simple moving average of $6.55.

POET Technologies (NASDAQ:POET) last posted its earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). POET Technologies had a negative net margin of 5,857.02% and a negative return on equity of 38.88%. The company had revenue of $0.34 million during the quarter, compared to the consensus estimate of $0.40 million. As a group, research analysts forecast that POET Technologies Inc. will post -0.21 earnings per share for the current year.

Hedge Funds Weigh In On POET Technologies

Several hedge funds have recently modified their holdings of POET. Capital Financial Group Inc. Co. ADV purchased a new stake in shares of POET Technologies during the fourth quarter valued at approximately $73,000. IFP Advisors Inc purchased a new stake in shares of POET Technologies during the 4th quarter valued at approximately $83,000. Cedar Wealth Management LLC purchased a new position in shares of POET Technologies in the fourth quarter valued at $421,000. SBI Securities Co. Ltd. increased its position in shares of POET Technologies by 531.7% during the fourth quarter. SBI Securities Co. Ltd. now owns 53,609 shares of the company’s stock valued at $339,000 after buying an additional 45,122 shares during the period. Finally, Apollon Wealth Management LLC purchased a new stake in POET Technologies in the 4th quarter worth approximately $127,000. Institutional investors own 1.99% of the company’s stock.

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.