POET Technologies (NASDAQ:POET) Stock Price Up 10% – Time to Buy?

POET Technologies Inc. (NASDAQ:POET)’s share price shot up 10% during trading on Tuesday . The company traded as high as $8.66 and last traded at $8.7150. 10,420,408 shares were traded during trading, a decline of 53% from the average daily volume of 22,017,029 shares. The stock had previously closed at $7.92.

Analyst Upgrades and Downgrades

Several research firms recently commented on POET. Wall Street Zen raised POET Technologies from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of POET Technologies in a research report on Friday, July 17th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, POET Technologies presently has a consensus rating of “Sell” and a consensus target price of $8.00.

POET Technologies Stock Up 8.1%

The business’s fifty day moving average price is $8.13 and its 200 day moving average price is $8.99. The firm has a market capitalization of $1.32 billion, a PE ratio of -14.81 and a beta of 0.83.

POET Technologies (NASDAQ:POET) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.07) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.07). The company had revenue of $0.57 million during the quarter, compared to analysts’ expectations of $0.50 million. POET Technologies had a negative return on equity of 11.65% and a negative net margin of 4,423.13%.During the same period last year, the firm earned ($0.21) EPS. On average, analysts anticipate that POET Technologies Inc. will post -0.28 earnings per share for the current year.

Hedge Funds Weigh In On POET Technologies

Several institutional investors have recently bought and sold shares of POET. Advisory Services Network LLC purchased a new stake in POET Technologies in the 3rd quarter valued at approximately $25,000. Quarry LP purchased a new position in POET Technologies in the fourth quarter valued at about $29,000. Coldstream Capital Management Inc. acquired a new stake in shares of POET Technologies during the 3rd quarter valued at approximately $55,000. PNC Financial Services Group Inc. purchased a new stake in shares of POET Technologies during the 1st quarter worth approximately $59,000. Finally, Shelton Wealth Management LLC purchased a new stake in shares of POET Technologies during the 1st quarter worth approximately $59,000. 1.99% of the stock is owned by institutional investors and hedge funds.

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.