POET Technologies (NASDAQ:POET) Shares Up 7.6% – Time to Buy?

Shares of POET Technologies Inc. (NASDAQ:POET) shot up 7.6% during trading on Tuesday . The company traded as high as $8.62 and last traded at $8.6050. Approximately 6,991,068 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 25,168,682 shares. The stock had previously closed at $8.00.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research report on Tuesday, April 21st. Wall Street Zen lowered shares of 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 has an average rating of “Sell” and an average price target of $8.00.

POET Technologies Stock Performance

The company has a market cap of $1.27 billion, a PE ratio of -11.49 and a beta of 0.75. The business’s 50-day moving average is $11.93 and its 200 day moving average is $8.66.

POET Technologies (NASDAQ:POET) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate 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 net margin of 5,786.60% and a negative return on equity of 27.24%. Equities research analysts anticipate that POET Technologies Inc. will post -0.24 EPS for the current fiscal year.

Institutional Trading of POET Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Advisory Services Network LLC purchased a new position in shares of POET Technologies in the third quarter worth $25,000. Quarry LP purchased a new position in shares of POET Technologies in the fourth quarter valued at about $29,000. Coldstream Capital Management Inc. purchased a new position in shares of POET Technologies in the third quarter valued at about $55,000. Shelton Wealth Management LLC bought a new position in shares of POET Technologies during the first quarter valued at about $59,000. Finally, PNC Financial Services Group Inc. bought a new position in shares of POET Technologies during the first quarter valued at about $59,000. 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.