POET Technologies (NASDAQ:POET) Posts Quarterly Earnings Results, Hits Estimates

POET Technologies (NASDAQ:POET) announced its quarterly earnings data on Thursday. The company reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07), Zacks reports. POET Technologies had a negative return on equity of 19.33% and a negative net margin of 4,423.13%.The company had revenue of $0.57 million during the quarter, compared to analyst estimates of $0.50 million. During the same quarter last year, the firm posted ($0.21) EPS.

POET Technologies Stock Performance

NASDAQ:POET opened at $9.58 on Friday. The business’s fifty day moving average is $9.25 and its 200 day moving average is $8.74. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of -16.52 and a beta of 0.81. POET Technologies has a 52-week low of $3.87 and a 52-week high of $20.81.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in POET. Advisory Services Network LLC purchased a new stake in shares of POET Technologies in the third quarter worth about $25,000. Quarry LP purchased a new position in POET Technologies during the fourth quarter valued at approximately $29,000. Coldstream Capital Management Inc. bought a new stake in POET Technologies during the 3rd quarter worth approximately $55,000. Boothbay Fund Management LLC bought a new stake in POET Technologies during the 4th quarter worth approximately $93,000. Finally, Cetera Investment Advisers purchased a new stake in POET Technologies in the 4th quarter worth approximately $99,000. Hedge funds and other institutional investors own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wall Street Zen raised shares of POET Technologies from a “sell” rating to a “hold” rating in a report on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a research note on Friday, July 17th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of “Sell” and a consensus price target of $8.00.

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.