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

POET Technologies Inc. (NASDAQ:POET) shares gapped up prior to trading on Tuesday . The stock had previously closed at $5.08, but opened at $5.39. POET Technologies shares last traded at $5.4110, with a volume of 2,430,734 shares traded.

Analyst Upgrades and Downgrades

Several research firms recently commented on POET. Weiss Ratings reissued a “sell (d-)” rating on shares of POET Technologies in a research note on Thursday, January 22nd. Northland Securities set a $8.00 price target on shares of POET Technologies in a research report on Wednesday, December 3rd. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, POET Technologies currently has a consensus rating of “Sell” and a consensus price target of $8.00.

POET Technologies Trading Down 5.7%

The stock has a 50-day moving average of $6.14 and a two-hundred day moving average of $6.33. The firm has a market cap of $739.31 million, a price-to-earnings ratio of -10.00 and a beta of 0.36.

POET Technologies (NASDAQ:POET) last posted its quarterly earnings data on Tuesday, March 31st. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.03). POET Technologies had a negative return on equity of 103.46% and a negative net margin of 6,625.16%.The company had revenue of $0.34 million for the quarter, compared to analyst estimates of $0.40 million. Sell-side analysts expect that POET Technologies Inc. will post -0.45 EPS for the current fiscal year.

Institutional Investors Weigh In On POET Technologies

Large investors have recently made changes to their positions in the company. Private Advisor Group LLC purchased a new stake in shares of POET Technologies in the 4th quarter valued at approximately $2,707,000. Raymond James Financial Inc. grew its position in POET Technologies by 75.1% during the 3rd quarter. Raymond James Financial Inc. now owns 413,333 shares of the company’s stock worth $2,290,000 after purchasing an additional 177,341 shares in the last quarter. Federation des caisses Desjardins du Quebec raised its stake in POET Technologies by 33.6% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 618,604 shares of the company’s stock valued at $3,910,000 after purchasing an additional 155,428 shares during the period. Jump Financial LLC acquired a new stake in POET Technologies during the 2nd quarter valued at $619,000. Finally, Sona Asset Management US LLC purchased a new stake in shares of POET Technologies in the fourth quarter valued at $633,000. Institutional investors and hedge funds own 1.99% of the company’s stock.

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.