POET Technologies (NASDAQ:POET) Trading Down 9.7% – Here’s Why

POET Technologies Inc. (NASDAQ:POET) shares fell 9.7% on Tuesday . The stock traded as low as $10.89 and last traded at $10.9230. 8,684,374 shares changed hands during trading, a decline of 67% from the average daily volume of 26,298,559 shares. The stock had previously closed at $12.09.

Analyst Upgrades and Downgrades

Several analysts recently commented on POET shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of POET Technologies in a report on Tuesday, April 21st. Wall Street Zen lowered POET Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, April 4th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, POET Technologies presently has a consensus rating of “Sell” and an average price target of $8.00.

POET Technologies Price Performance

The firm has a market cap of $1.68 billion, a PE ratio of -15.20 and a beta of 0.75. The stock’s fifty day moving average price is $11.80 and its 200-day moving average price is $8.36.

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 analysts’ consensus estimates of ($0.04) by ($0.04). The business had revenue of $0.50 million during the quarter, compared to analysts’ expectations of $0.25 million. POET Technologies had a negative return on equity of 27.24% and a negative net margin of 5,786.60%. On average, sell-side analysts anticipate that POET Technologies Inc. will post -0.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Advisory Services Network LLC acquired a new position in POET Technologies during the 3rd quarter worth $25,000. Quarry LP acquired a new stake in POET Technologies in the 4th quarter valued at about $29,000. Coldstream Capital Management Inc. acquired a new stake in POET Technologies in the 3rd quarter valued at about $55,000. Shelton Wealth Management LLC purchased a new position in shares of POET Technologies in the 1st quarter valued at about $59,000. Finally, PNC Financial Services Group Inc. purchased a new position in shares of POET Technologies in the 1st quarter valued at about $59,000. 1.99% of the stock is currently owned by hedge funds and other institutional investors.

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.