POET Technologies (CVE:PTK) Stock Price Down 1.5% – Here’s Why

POET Technologies Inc. (CVE:PTK) shares dropped 1.5% during trading on Tuesday. The stock traded as low as C$7.29 and last traded at C$7.38. 152,071 shares traded hands during trading, a decline of 3% from the average daily volume of 156,992 shares. The stock had previously closed at C$7.49.

Analysts Set New Price Targets

Separately, Singular Research upgraded shares of POET Technologies to a “strong-buy” rating in a research report on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, POET Technologies presently has an average rating of “Strong Buy”.

POET Technologies Trading Down 1.5%

The company has a market capitalization of C$669.51 million, a price-to-earnings ratio of -9.11 and a beta of 0.82. The company has a debt-to-equity ratio of 14.84, a quick ratio of 5.08 and a current ratio of 1.89. The firm has a fifty day moving average price of C$7.38 and a 200-day moving average price of C$7.38.

Insider Activity

In other POET Technologies news, Director Glen Riley sold 10,892 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of C$13.33, for a total transaction of C$145,190.36. Following the sale, the director directly owned 31,962 shares in the company, valued at C$426,053.46. This represents a 25.42% decrease in their ownership of the stock. Also, Director Sohail Khan sold 9,924 shares of the stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of C$8.27, for a total transaction of C$82,071.48. Following the sale, the director owned 11,276 shares in the company, valued at C$93,252.52. The trade was a 46.81% decrease in their ownership of the stock. Corporate insiders own 0.82% of the company’s stock.

About POET Technologies

POET Technologies Inc designs, develops, manufactures, and sells discrete and integrated opto-electronic solutions in Canada, the United States, Singapore, and China. The company offers integration solutions based on the POET Optical Interposer, a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques. It also develops photonic integrated components. The company serves the data center, telecommunications, Internet of things and industrial sensing, automotive LIDAR, optical coherence tomography for medical devices, and virtual reality systems markets.