POET Technologies (NASDAQ:POET) Shares Down 6.4% – Time to Sell?

POET Technologies Inc. (NASDAQ:POET)’s share price traded down 6.4% on Wednesday . The stock traded as low as $6.72 and last traded at $6.6950. 1,341,566 shares were traded during mid-day trading, a decline of 69% from the average session volume of 4,284,052 shares. The stock had previously closed at $7.15.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Northland Securities set a $8.00 target price on POET Technologies in a report on Wednesday, December 3rd. Wall Street Zen raised POET Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of POET Technologies in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company has a consensus rating of “Sell” and a consensus price target of $8.00.

POET Technologies Price Performance

The stock has a market capitalization of $898.01 million, a price-to-earnings ratio of -9.42 and a beta of 0.46. The company has a 50-day simple moving average of $6.03 and a two-hundred day simple moving average of $5.78.

POET Technologies (NASDAQ:POET) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.11) 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 firm had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.55 million. Research analysts anticipate that POET Technologies Inc. will post -0.45 EPS for the current year.

Institutional Investors Weigh In On POET Technologies

Several large investors have recently made changes to their positions in POET. Scotia Capital Inc. lifted its holdings in shares of POET Technologies by 13.0% in the second quarter. Scotia Capital Inc. now owns 18,295 shares of the company’s stock valued at $95,000 after buying an additional 2,100 shares during the period. SBI Securities Co. Ltd. grew 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 worth $47,000 after purchasing an additional 4,142 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of POET Technologies in the 3rd quarter worth approximately $25,000. CoreCap Advisors LLC raised its position in shares of POET Technologies by 1,967.2% during the third quarter. CoreCap Advisors LLC now owns 5,168 shares of the company’s stock worth $29,000 after purchasing an additional 4,918 shares during the period. Finally, New Millennium Group LLC acquired a new position in shares of POET Technologies in the 3rd quarter valued at $27,000. Institutional investors and hedge funds 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.