POET Technologies (NASDAQ:POET) Stock Price Down 7.7% – Here’s What Happened

POET Technologies Inc. (NASDAQ:POET) dropped 7.7% during mid-day trading on Tuesday . The company traded as low as $13.27 and last traded at $13.46. Approximately 12,873,161 shares changed hands during trading, a decline of 48% from the average daily volume of 24,977,578 shares. The stock had previously closed at $14.59.

Analyst Ratings Changes

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

POET Technologies Stock Performance

The stock has a market cap of $2.06 billion, a price-to-earnings ratio of -18.60 and a beta of 0.53. The business’s 50 day moving average is $9.10 and its 200-day moving average is $7.23.

POET Technologies (NASDAQ:POET) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). POET Technologies had a negative return on equity of 27.24% and a negative net margin of 5,786.60%.The company had revenue of $0.50 million for the quarter, compared to analyst estimates of $0.25 million. Sell-side analysts anticipate that POET Technologies Inc. will post -0.21 EPS for the current fiscal year.

Hedge Funds Weigh In On POET Technologies

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