POET Technologies (NASDAQ:POET) Shares Gap Down – What’s Next?

POET Technologies Inc. (NASDAQ:POET) shares gapped down before the market opened on Friday . The stock had previously closed at $8.82, but opened at $8.52. POET Technologies shares last traded at $8.23, with a volume of 6,804,886 shares traded.

Wall Street Analysts Forecast Growth

POET has been the topic of several recent analyst reports. Wall Street Zen upgraded POET Technologies from a “sell” rating to a “hold” rating in a research note on Friday, October 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $6.25.

POET Technologies Stock Down 13.5%

The company has a 50 day simple moving average of $5.68 and a 200-day simple moving average of $5.02. The stock has a market cap of $692.22 million, a price-to-earnings ratio of -9.42 and a beta of 0.37.

POET Technologies (NASDAQ:POET) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.10). POET Technologies had a negative net margin of 11,497.01% and a negative return on equity of 141.43%. The firm had revenue of $0.27 million for the quarter, compared to analyst estimates of $0.39 million. On average, equities research analysts expect that POET Technologies Inc. will post -0.45 EPS for the current fiscal year.

Hedge Funds Weigh In On POET Technologies

Institutional investors have recently made changes to their positions in the stock. Strengthening Families & Communities LLC bought a new position in shares of POET Technologies during the first quarter valued at approximately $26,000. Sentry LLC bought a new position in shares of POET Technologies during the first quarter valued at approximately $38,000. Baader Bank Aktiengesellschaft bought a new position in shares of POET Technologies during the first quarter valued at approximately $47,000. Steward Partners Investment Advisory LLC grew its holdings in shares of POET Technologies by 390.4% during the second quarter. Steward Partners Investment Advisory LLC now owns 13,520 shares of the company’s stock valued at $70,000 after purchasing an additional 10,763 shares during the last quarter. Finally, Scotia Capital Inc. grew its holdings in shares of POET Technologies by 13.0% during the second quarter. Scotia Capital Inc. now owns 18,295 shares of the company’s stock valued at $95,000 after purchasing an additional 2,100 shares during the last quarter. 1.99% of the stock is owned by institutional investors.

About POET Technologies

POET Technologies Inc designs, develops, manufactures, and sells discrete and integrated opto-electronic solutions in Canada, the United States, Singapore, and China. It offers integration solutions based on the POET Optical Interposer, a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques.