POET Technologies (CVE:PTK) Shares Cross Below 50-Day Moving Average – Here’s Why

POET Technologies Inc. (CVE:PTK)’s stock price passed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of C$7.38 and traded as low as C$7.29. POET Technologies shares last traded at C$7.38, with a volume of 152,071 shares.

Analysts Set New Price Targets

Separately, Singular Research upgraded shares of POET Technologies to a “strong-buy” rating in a research report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, POET Technologies presently has a consensus rating of “Strong Buy”.

POET Technologies Price Performance

The stock has a market capitalization of C$669.51 million, a P/E ratio of -9.11 and a beta of 0.82. The company has a debt-to-equity ratio of 14.84, a quick ratio of 5.08 and a current ratio of 1.89. The firm has a 50-day moving average price of C$7.38 and a 200 day moving average price of C$7.38.

Insider Buying and Selling at POET Technologies

In other news, Director Glen Riley sold 10,892 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of C$13.33, for a total value of C$145,190.36. Following the completion of the sale, the director owned 31,962 shares of the company’s stock, valued at approximately C$426,053.46. This represents a 25.42% decrease in their position. Also, Director James Lee sold 25,000 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of C$20.13, for a total transaction of C$503,250.00. Insiders have sold 51,316 shares of company stock valued at $841,667 over the last ninety days. Insiders own 0.82% of the company’s stock.

About POET Technologies

POET Technologies Inc designs, develops, manufactures, and sells discrete and integrated opto-electronic solutions in Canada, the United States, Singapore, and China. The company offers integration solutions based on the POET Optical Interposer, a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques. It also develops photonic integrated components. The company serves the data center, telecommunications, Internet of things and industrial sensing, automotive LIDAR, optical coherence tomography for medical devices, and virtual reality systems markets.