POET Technologies (NASDAQ:POET) Sees Large Volume Increase – Here’s Why

POET Technologies Inc. (NASDAQ:POET) saw unusually-strong trading volume on Monday . Approximately 14,372,229 shares traded hands during mid-day trading, a decline of 16% from the previous session’s volume of 17,053,225 shares.The stock last traded at $7.6850 and had previously closed at $7.31.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on POET shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of POET Technologies in a research report on Tuesday, April 21st. Wall Street Zen lowered POET Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, April 4th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, POET Technologies currently has a consensus rating of “Sell” and an average target price of $8.00.

POET Technologies Stock Performance

The stock has a 50-day simple moving average of $6.99 and a two-hundred day simple moving average of $6.55. The firm has a market cap of $938.68 million, a PE ratio of -12.70 and a beta of 0.53.

Hedge Funds Weigh In On POET Technologies

A number of hedge funds have recently bought and sold shares of the business. Federation des caisses Desjardins du Quebec raised its position in POET Technologies by 33.6% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 618,604 shares of the company’s stock worth $3,910,000 after buying an additional 155,428 shares during the last quarter. Private Advisor Group LLC purchased a new position in POET Technologies in the 4th quarter worth about $2,707,000. Raymond James Financial Inc. raised its position in POET Technologies by 75.1% in the 3rd quarter. Raymond James Financial Inc. now owns 413,333 shares of the company’s stock worth $2,290,000 after buying an additional 177,341 shares during the last quarter. Royal Bank of Canada raised its position in POET Technologies by 55.1% in the 4th quarter. Royal Bank of Canada now owns 124,468 shares of the company’s stock worth $788,000 after buying an additional 44,205 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in shares of POET Technologies during the 2nd quarter valued at about $619,000. Hedge funds and other institutional investors own 1.99% of the company’s stock.

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.