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

POET Technologies Inc. (NASDAQ:POET) shares gapped up before the market opened on Monday . The stock had previously closed at $10.95, but opened at $12.09. POET Technologies shares last traded at $11.81, with a volume of 15,700,339 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on POET. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research report on Tuesday, April 21st. Wall Street Zen downgraded shares of POET Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, April 4th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has a consensus rating of “Sell” and an average target price of $8.00.

POET Technologies Stock Performance

The business’s 50 day moving average price is $7.21 and its 200-day moving average price is $6.59. The firm has a market capitalization of $1.85 billion, a PE ratio of -25.00 and a beta of 0.53.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in POET. Private Advisor Group LLC acquired a new position in shares of POET Technologies in the fourth quarter valued at approximately $2,707,000. Raymond James Financial Inc. grew its holdings in shares of POET Technologies by 75.1% in the third quarter. Raymond James Financial Inc. now owns 413,333 shares of the company’s stock valued at $2,290,000 after purchasing an additional 177,341 shares in the last quarter. Federation des caisses Desjardins du Quebec grew its holdings 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 valued at $3,910,000 after purchasing an additional 155,428 shares in the last quarter. Jump Financial LLC acquired a new position in shares of POET Technologies in the second quarter valued at approximately $619,000. Finally, Counterpoint Mutual Funds LLC acquired a new position in POET Technologies during the 1st quarter worth approximately $598,000. 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.