POET Technologies (NASDAQ:POET) Trading Down 7.8% – Here’s What Happened

POET Technologies Inc. (NASDAQ:POET) shares dropped 7.8% on Wednesday . The stock traded as low as $7.79 and last traded at $7.7190. Approximately 7,031,296 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 24,688,260 shares. The stock had previously closed at $8.37.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on POET. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research note on Friday, July 17th. Wall Street Zen lowered POET Technologies from a “hold” rating to a “sell” rating in a report on Saturday, April 4th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, POET Technologies presently has a consensus rating of “Sell” and an average target price of $8.00.

POET Technologies Stock Down 0.7%

The stock has a market capitalization of $1.17 billion, a P/E ratio of -10.56 and a beta of 0.75. The company has a 50 day moving average of $11.19 and a 200-day moving average of $8.71.

POET Technologies (NASDAQ:POET) last released its earnings results on Thursday, May 14th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.04). POET Technologies had a negative net margin of 5,786.60% and a negative return on equity of 27.24%. The business had revenue of $0.50 million for the quarter, compared to the consensus estimate of $0.25 million. Equities analysts forecast that POET Technologies Inc. will post -0.24 EPS for the current fiscal year.

Institutional Investors Weigh In On POET Technologies

Several institutional investors and hedge funds have recently bought and sold shares of POET. Coldstream Capital Management Inc. lifted its stake in POET Technologies by 34.7% in the fourth quarter. Coldstream Capital Management Inc. now owns 13,473 shares of the company’s stock valued at $85,000 after buying an additional 3,473 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of POET Technologies during the third quarter valued at $25,000. Quarry LP bought a new position in shares of POET Technologies during the fourth quarter worth about $29,000. Moneta Group Investment Advisors LLC grew its position in shares of POET Technologies by 31.8% during the third quarter. Moneta Group Investment Advisors LLC now owns 23,533 shares of the company’s stock worth $130,000 after acquiring an additional 5,681 shares during the last quarter. Finally, Osaic Holdings Inc. increased its holdings in shares of POET Technologies by 22.3% in the 2nd quarter. Osaic Holdings Inc. now owns 34,735 shares of the company’s stock worth $181,000 after acquiring an additional 6,340 shares during the period. Institutional investors and hedge funds 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.