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

Shares of POET Technologies Inc. (NASDAQ:POET) gapped down prior to trading on Tuesday . The stock had previously closed at $9.40, but opened at $8.78. POET Technologies shares last traded at $8.80, with a volume of 2,541,270 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Wall Street Zen raised POET Technologies from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of POET Technologies in a report on Friday, July 17th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company has a consensus rating of “Sell” and an average price target of $8.00.

POET Technologies Stock Down 0.5%

The stock’s 50-day moving average price is $9.09 and its 200-day moving average price is $8.81. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of -14.55 and a beta of 0.81.

POET Technologies (NASDAQ:POET) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07). The firm had revenue of $0.57 million during the quarter, compared to analysts’ expectations of $0.50 million. POET Technologies had a negative net margin of 4,423.13% and a negative return on equity of 11.65%. During the same quarter in the previous year, the company posted ($0.21) EPS. On average, equities research analysts anticipate that POET Technologies Inc. will post -0.24 EPS for the current year.

Institutional Trading of POET Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in POET. Private Advisor Group LLC acquired a new position in POET Technologies in the fourth quarter valued at approximately $2,707,000. Raymond James Financial Inc. raised its position in shares of POET Technologies by 75.1% during the 3rd quarter. Raymond James Financial Inc. now owns 413,333 shares of the company’s stock valued at $2,290,000 after acquiring an additional 177,341 shares during the last quarter. Federation des caisses Desjardins du Quebec lifted its stake in shares of POET Technologies by 33.6% in 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 bought a new position in shares of POET Technologies in the 2nd quarter worth $619,000. Finally, Counterpoint Mutual Funds LLC acquired a new stake in shares of POET Technologies during the first quarter worth $598,000. 1.99% of the stock is owned by institutional investors.

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.