76,015 Shares in POET Technologies Inc. $POET Acquired by SummitTX Capital L.P.

SummitTX Capital L.P. acquired a new position in shares of POET Technologies Inc. (NASDAQ:POET) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 76,015 shares of the company’s stock, valued at approximately $452,000. SummitTX Capital L.P. owned 0.06% of POET Technologies at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Private Advisor Group LLC purchased a new position in POET Technologies during the 4th quarter worth approximately $2,707,000. Raymond James Financial Inc. boosted its holdings in shares of POET Technologies by 75.1% in the 3rd quarter. Raymond James Financial Inc. now owns 413,333 shares of the company’s stock valued at $2,290,000 after acquiring an additional 177,341 shares during the last quarter. Federation des caisses Desjardins du Quebec increased its stake in shares of POET Technologies by 33.6% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 618,604 shares of the company’s stock worth $3,910,000 after acquiring an additional 155,428 shares during the period. Jump Financial LLC acquired a new stake in shares of POET Technologies in the second quarter worth $619,000. Finally, Counterpoint Mutual Funds LLC purchased a new position in shares of POET Technologies during the first quarter worth $598,000. Hedge funds and other institutional investors own 1.99% of the company’s stock.

POET Technologies Price Performance

POET opened at $6.99 on Friday. The firm has a fifty day moving average price of $10.27 and a 200 day moving average price of $8.68. POET Technologies Inc. has a 1 year low of $3.87 and a 1 year high of $20.81. The stock has a market cap of $1.07 billion, a P/E ratio of -9.71 and a beta of 0.75.

POET Technologies (NASDAQ:POET) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.08) EPS 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 firm had revenue of $0.50 million for the quarter, compared to analyst estimates of $0.25 million. Equities analysts expect that POET Technologies Inc. will post -0.24 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on POET. Wall Street Zen downgraded shares of POET Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, April 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of POET Technologies in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has an average rating of “Sell” and an average price target of $8.00.

POET Technologies 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.