POET Technologies (NASDAQ:POET) Shares Down 6.9% – Here’s What Happened

Shares of POET Technologies Inc. (NASDAQ:POET) dropped 6.9% during mid-day trading on Friday . The company traded as low as $5.94 and last traded at $5.9280. Approximately 4,928,633 shares were traded during mid-day trading, an increase of 21% from the average daily volume of 4,076,138 shares. The stock had previously closed at $6.37.

Analyst Upgrades and Downgrades

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

POET Technologies Stock Down 6.3%

The company’s fifty day moving average price is $6.17 and its 200-day moving average price is $5.56. The stock has a market capitalization of $541.53 million, a PE ratio of -8.26 and a beta of 0.46.

POET Technologies (NASDAQ:POET) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $0.55 million. Equities research analysts anticipate that POET Technologies Inc. will post -0.45 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of POET. Advisory Services Network LLC purchased a new position in shares of POET Technologies in the third quarter worth about $25,000. Strengthening Families & Communities LLC purchased a new stake in shares of POET Technologies during the first quarter worth about $26,000. New Millennium Group LLC acquired a new stake in POET Technologies during the 3rd quarter worth $27,000. CoreCap Advisors LLC lifted its stake in POET Technologies by 1,967.2% in the 3rd quarter. CoreCap Advisors LLC now owns 5,168 shares of the company’s stock worth $29,000 after purchasing an additional 4,918 shares in the last quarter. Finally, SBI Securities Co. Ltd. increased its holdings in shares of POET Technologies by 95.3% during the 3rd quarter. SBI Securities Co. Ltd. now owns 8,487 shares of the company’s stock worth $47,000 after buying an additional 4,142 shares during the last quarter. Hedge funds and other institutional investors own 1.99% of the company’s stock.

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.