SummitTX Capital L.P. Takes $452,000 Position in POET Technologies Inc. $POET

SummitTX Capital L.P. bought a new position in shares of POET Technologies Inc. (NASDAQ:POET) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 76,015 shares of the company’s stock, valued at approximately $452,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Jump Financial LLC acquired a new stake in POET Technologies in the 2nd quarter valued at $619,000. Raymond James Financial Inc. grew its position in shares of POET Technologies by 253.1% in the second quarter. Raymond James Financial Inc. now owns 235,992 shares of the company’s stock valued at $1,230,000 after purchasing an additional 169,158 shares during the period. Osaic Holdings Inc. increased its stake in shares of POET Technologies by 22.3% during the second quarter. Osaic Holdings Inc. now owns 34,735 shares of the company’s stock worth $181,000 after purchasing an additional 6,340 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of POET Technologies during the third quarter worth about $382,000. Finally, Brevan Howard Capital Management LP acquired a new position in shares of POET Technologies during the 3rd quarter worth about $117,000. Hedge funds and other institutional investors own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on POET shares. Wall Street Zen lowered shares of POET Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, April 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a research note on Friday, July 17th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has an average rating of “Sell” and an average price target of $8.00.

POET Technologies Stock Performance

Shares of POET stock opened at $6.99 on Friday. POET Technologies Inc. has a fifty-two week low of $3.87 and a fifty-two week high of $20.81. The stock’s fifty day moving average is $10.27 and its two-hundred day moving average is $8.68. The firm has a market capitalization of $1.07 billion, a P/E ratio of -9.71 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 (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). The business had revenue of $0.50 million for the quarter, compared to analysts’ expectations of $0.25 million. POET Technologies had a negative return on equity of 27.24% and a negative net margin of 5,786.60%. On average, equities analysts forecast that POET Technologies Inc. will post -0.24 earnings per share for the current year.

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.