POET Technologies (NASDAQ:POET) Shares Up 11% – What’s Next?

POET Technologies Inc. (NASDAQ:POET)’s stock price shot up 11% during trading on Friday. The company traded as high as $4.75 and last traded at $4.7280. Approximately 2,609,321 shares changed hands during trading, a decline of 86% from the average daily volume of 19,245,486 shares. The stock had previously closed at $4.26.

Analysts Set New Price Targets

POET has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a report on Thursday, October 15th. Wall Street Zen upgraded POET Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, October 4th. One research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, POET Technologies presently has an average rating of “Sell” and a consensus price target of $8.00.

POET Technologies Price Performance

The business has a fifty day moving average of $6.82 and a 200-day moving average of $8.20. The stock has a market capitalization of $831.61 million, a price-to-earnings ratio of -8.40 and a beta of 0.91.

POET Technologies (NASDAQ:POET) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.07). POET Technologies had a negative net margin of 4,423.13% and a negative return on equity of 11.65%. The company had revenue of $0.57 million for the quarter, compared to analysts’ expectations of $0.50 million. During the same quarter in the previous year, the company posted ($0.21) EPS. As a group, research analysts anticipate that POET Technologies Inc. will post -0.28 EPS for the current year.

Hedge Funds Weigh In On POET Technologies

Institutional investors have recently bought and sold shares of the stock. SummitTX Capital L.P. purchased a new stake in shares of POET Technologies in the 1st quarter valued at approximately $452,000. Compound Planning Inc. acquired a new position in POET Technologies in the 1st quarter worth approximately $94,000. Arrowstreet Capital Limited Partnership purchased a new position in POET Technologies during the 1st quarter worth approximately $118,000. PNC Financial Services Group Inc. purchased a new position in POET Technologies during the 1st quarter worth approximately $59,000. Finally, Signal Advisors Wealth LLC acquired a new stake in POET Technologies during the 3rd quarter valued at $129,000. Hedge funds and other institutional investors own 1.99% of the company’s stock.

About POET Technologies

POET Technologies Inc (NASDAQ:POET) is a semiconductor and photonics company that develops optical components and integrated solutions for high-speed communications. Its technologies are designed to support applications in data centers, artificial intelligence and machine learning infrastructure, telecommunications, and other markets that require high-bandwidth, energy-efficient data transmission.

The company’s portfolio is centered on the POET Optical Interposer, a platform that integrates optical and electronic components into compact, scalable modules.