POET Technologies (NASDAQ:POET) Shares Gap Up – Here’s What Happened

POET Technologies Inc. (NASDAQ:POET)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $15.97, but opened at $17.02. POET Technologies shares last traded at $14.8440, with a volume of 19,974,381 shares changing hands.

Analyst Upgrades and Downgrades

POET has been the subject of several research reports. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research report on Tuesday, April 21st. Wall Street Zen lowered shares of POET Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, April 4th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, POET Technologies currently has an average rating of “Sell” and an average price target of $8.00.

POET Technologies Stock Down 14.1%

The business’s 50-day moving average price is $8.21 and its 200-day moving average price is $6.90. The firm has a market capitalization of $1.81 billion, a PE ratio of -18.97 and a beta of 0.53.

POET Technologies (NASDAQ:POET) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). POET Technologies had a negative return on equity of 51.03% and a negative net margin of 5,786.60%.The firm had revenue of $0.50 million during the quarter, compared to analyst estimates of $0.25 million. On average, analysts anticipate that POET Technologies Inc. will post -0.21 EPS for the current fiscal year.

Institutional Investors Weigh In On POET Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Advisory Services Network LLC acquired a new stake in POET Technologies during the third quarter worth $25,000. Quarry LP acquired a new stake in POET Technologies during the fourth quarter worth $29,000. New Millennium Group LLC acquired a new stake in shares of POET Technologies in the 3rd quarter valued at $27,000. SBI Securities Co. Ltd. boosted its stake in shares of POET Technologies by 95.3% in the 3rd quarter. SBI Securities Co. Ltd. now owns 8,487 shares of the company’s stock valued at $47,000 after purchasing an additional 4,142 shares in the last quarter. Finally, Albion Financial Group UT boosted its stake in shares of POET Technologies by 233.3% in the 4th quarter. Albion Financial Group UT now owns 10,000 shares of the company’s stock valued at $63,000 after purchasing an additional 7,000 shares in the last quarter. Institutional investors and hedge funds own 1.99% of the company’s stock.

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.