POET Technologies (NASDAQ:POET) Posts Quarterly Earnings Results, Misses Expectations By $0.03 EPS

POET Technologies (NASDAQ:POET) released its earnings results on Tuesday. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.03), Zacks reports. 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 $0.34 million during the quarter, compared to the consensus estimate of $0.40 million.

POET Technologies Trading Down 5.7%

Shares of POET opened at $5.60 on Thursday. The firm has a fifty day moving average price of $6.14 and a 200-day moving average price of $6.33. The firm has a market capitalization of $739.31 million, a P/E ratio of -10.00 and a beta of 0.36. POET Technologies has a 12-month low of $3.09 and a 12-month high of $9.41.

Wall Street Analysts Forecast Growth

POET has been the topic of several analyst reports. Northland Securities set a $8.00 price target on shares of POET Technologies in a report on Wednesday, December 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of “Sell” and a consensus target price of $8.00.

Institutional Investors Weigh In On POET Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Advisory Services Network LLC bought a new position in POET Technologies in the 3rd quarter worth about $25,000. Quarry LP purchased a new position in shares of POET Technologies during the fourth quarter worth approximately $29,000. Coldstream Capital Management Inc. bought a new stake in shares of POET Technologies during the third quarter valued at approximately $55,000. Boothbay Fund Management LLC bought a new stake in shares of POET Technologies during the fourth quarter valued at approximately $93,000. Finally, Cetera Investment Advisers purchased a new stake in shares of POET Technologies in the fourth quarter valued at approximately $99,000. Institutional investors own 1.99% of the company’s stock.

About POET Technologies

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.