POET Technologies (NASDAQ:POET) Stock Price Up 8.5% – Still a Buy?

POET Technologies Inc. (NASDAQ:POET) shares traded up 8.5% during trading on Monday . The stock traded as high as $6.58 and last traded at $6.5070. 3,487,120 shares changed hands during trading, a decline of 57% from the average session volume of 8,171,739 shares. The stock had previously closed at $6.00.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on POET shares. Wall Street Zen upgraded POET Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a research note on Thursday, January 22nd. Finally, Northland Securities set a $8.00 price target on shares of POET Technologies in a report on Wednesday, December 3rd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, POET Technologies has an average rating of “Sell” and a consensus target price of $8.00.

POET Technologies Price Performance

The firm’s 50 day simple moving average is $6.59 and its 200-day simple moving average is $6.19. The company has a market cap of $904.35 million, a price-to-earnings ratio of -9.51 and a beta of 0.36.

Institutional Investors Weigh In On POET Technologies

Several large investors have recently modified their holdings of POET. MMCAP International Inc. SPC increased its holdings in shares of POET Technologies by 2,198.7% in the 2nd quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company’s stock valued at $30,710,000 after acquiring an additional 5,637,964 shares during the period. Steward Partners Investment Advisory LLC increased its stake in POET Technologies by 390.4% in the second quarter. Steward Partners Investment Advisory LLC now owns 13,520 shares of the company’s stock valued at $70,000 after purchasing an additional 10,763 shares during the period. Scotia Capital Inc. raised its holdings in shares of POET Technologies by 13.0% in the second quarter. Scotia Capital Inc. now owns 18,295 shares of the company’s stock valued at $95,000 after buying an additional 2,100 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of POET Technologies during the second quarter worth about $855,000. Finally, Jump Financial LLC purchased a new stake in POET Technologies during the 2nd quarter valued at approximately $619,000. 1.99% of the stock is owned by institutional investors and hedge funds.

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.