POET Technologies (NASDAQ:POET) Stock Price Up 8% – What’s Next?

Shares of POET Technologies Inc. (NASDAQ:POET) were up 8% during mid-day trading on Friday . The company traded as high as $9.49 and last traded at $9.6230. 4,674,172 shares changed hands during trading, a decline of 80% from the average session volume of 23,376,996 shares. The stock had previously closed at $8.91.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of POET Technologies in a report on Friday, July 17th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has a consensus rating of “Sell” and an average target price of $8.00.

POET Technologies Stock Performance

The stock has a market capitalization of $1.45 billion, a PE ratio of -13.06 and a beta of 0.81. The company’s fifty day simple moving average is $9.29 and its two-hundred day simple moving average is $8.73.

POET Technologies (NASDAQ:POET) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.07). The company had revenue of $0.57 million for the quarter, compared to the consensus estimate of $0.50 million. POET Technologies had a negative net margin of 5,786.60% and a negative return on equity of 27.24%. During the same quarter in the prior year, the firm earned ($0.21) earnings per share. Sell-side analysts forecast that POET Technologies Inc. will post -0.24 EPS for the current fiscal year.

Institutional Trading of POET Technologies

Several institutional investors and hedge funds have recently made changes to their positions in POET. Cedar Wealth Management LLC acquired a new stake in shares of POET Technologies during the 4th quarter worth about $421,000. Counterpoint Mutual Funds LLC purchased a new position in shares of POET Technologies during the first quarter valued at approximately $598,000. Caitong International Asset Management Co. Ltd boosted its position in POET Technologies by 3,806.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 56,408 shares of the company’s stock worth $357,000 after acquiring an additional 54,964 shares during the last quarter. SummitTX Capital L.P. acquired a new stake in POET Technologies during the first quarter worth approximately $452,000. Finally, SBI Securities Co. Ltd. grew its stake in POET Technologies by 531.7% in the 4th quarter. SBI Securities Co. Ltd. now owns 53,609 shares of the company’s stock worth $339,000 after acquiring an additional 45,122 shares during the period. 1.99% of the stock is currently owned by hedge funds and other institutional investors.

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.