POET Technologies (NASDAQ:POET) Stock Price Down 7% – What’s Next?

POET Technologies Inc. (NASDAQ:POET) dropped 7% during mid-day trading on Wednesday . The stock traded as low as $6.17 and last traded at $6.3150. Approximately 7,639,343 shares were traded during trading, a decline of 25% from the average daily volume of 10,143,973 shares. The stock had previously closed at $6.79.

Wall Street Analysts Forecast Growth

POET has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of POET Technologies in a research note on Thursday, January 22nd. Northland Securities set a $8.00 price objective on shares of POET Technologies in a report on Wednesday, December 3rd. Finally, Wall Street Zen raised shares of POET Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, POET Technologies presently has an average rating of “Sell” and an average target price of $8.00.

POET Technologies Price Performance

The business has a fifty day moving average of $6.52 and a 200-day moving average of $6.19. The stock has a market capitalization of $827.11 million, a price-to-earnings ratio of -8.72 and a beta of 0.31.

POET Technologies (NASDAQ:POET) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The business had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.55 million. POET Technologies had a negative net margin of 6,625.16% and a negative return on equity of 103.46%. As a group, research analysts anticipate that POET Technologies Inc. will post -0.45 EPS for the current year.

Institutional Investors Weigh In On POET Technologies

Several large investors have recently modified their holdings of the stock. MMCAP International Inc. SPC boosted its holdings in shares of POET Technologies by 2,198.7% in the second quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company’s stock worth $30,710,000 after buying an additional 5,637,964 shares during the period. Raymond James Financial Inc. lifted its position 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 in the last quarter. Quadrature Capital Ltd acquired a new position in POET Technologies in the 2nd quarter worth approximately $855,000. Jump Financial LLC purchased a new position in POET Technologies during the 2nd quarter worth approximately $619,000. Finally, Virtu Financial LLC purchased a new position in POET Technologies during the 3rd quarter worth approximately $382,000. 1.99% of the stock is owned by 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.