POET Technologies (NASDAQ:POET) Shares Up 7.8% – Should You Buy?

POET Technologies Inc. (NASDAQ:POET)’s stock price shot up 7.8% during mid-day trading on Tuesday . The company traded as high as $6.89 and last traded at $6.7130. 4,362,296 shares traded hands during trading, an increase of 6% from the average session volume of 4,103,571 shares. The stock had previously closed at $6.23.

Analyst Upgrades and Downgrades

POET has been the topic of several research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of POET Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Finally, Northland Securities set a $8.00 price objective on shares of POET Technologies in a report on Wednesday, December 3rd. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Sell” and a consensus target price of $8.00.

POET Technologies Trading Up 1.0%

The company has a market capitalization of $951.38 million, a PE ratio of -10.03 and a beta of 0.46. The business has a fifty day moving average of $6.26 and a 200 day moving average of $5.64.

POET Technologies (NASDAQ:POET) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). POET Technologies had a negative return on equity of 103.46% and a negative net margin of 6,625.16%.The business had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.55 million. Equities analysts forecast that POET Technologies Inc. will post -0.45 EPS for the current fiscal year.

Hedge Funds Weigh In On POET Technologies

Several institutional investors have recently modified their holdings of POET. Advisory Services Network LLC acquired a new stake in shares of POET Technologies in the third quarter valued at $25,000. New Millennium Group LLC purchased a new stake in POET Technologies during the 3rd quarter worth about $27,000. CoreCap Advisors LLC raised its position in POET Technologies by 1,967.2% in the 3rd quarter. CoreCap Advisors LLC now owns 5,168 shares of the company’s stock valued at $29,000 after purchasing an additional 4,918 shares in the last quarter. SBI Securities Co. Ltd. boosted its stake in shares of POET Technologies by 95.3% in the 3rd quarter. SBI Securities Co. Ltd. now owns 8,487 shares of the company’s stock valued at $47,000 after buying an additional 4,142 shares during the period. Finally, Coldstream Capital Management Inc. acquired a new position in shares of POET Technologies during the third quarter worth about $55,000. Institutional investors and hedge funds own 1.99% of the company’s stock.

POET Technologies Company Profile

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.