POET Technologies (NASDAQ:POET) Shares Gap Down – Should You Sell?

POET Technologies Inc. (NASDAQ:POET) shares gapped down prior to trading on Thursday . The stock had previously closed at $8.37, but opened at $7.70. POET Technologies shares last traded at $7.3360, with a volume of 13,357,282 shares changing hands.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Northland Securities set a $8.00 price target on POET Technologies in a research note on Wednesday, December 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of POET Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of “Sell” and an average target price of $8.00.

POET Technologies Trading Down 15.0%

The company’s 50-day moving average price is $6.33 and its two-hundred day moving average price is $6.17. The company has a market cap of $937.15 million, a P/E ratio of -9.88 and a beta of 0.31.

POET Technologies (NASDAQ:POET) last released its earnings results on Thursday, November 13th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The business had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.55 million. POET Technologies had a negative net margin of 6,625.16% and a negative return on equity of 103.46%. Equities analysts forecast that POET Technologies Inc. will post -0.45 earnings per share for the current year.

Hedge Funds Weigh In On POET Technologies

A number of hedge funds have recently modified their holdings of POET. Scotia Capital Inc. increased its position in shares of POET Technologies by 13.0% in the second quarter. Scotia Capital Inc. now owns 18,295 shares of the company’s stock worth $95,000 after acquiring an additional 2,100 shares in the last quarter. SBI Securities Co. Ltd. raised its stake in shares of 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 in the last quarter. Advisory Services Network LLC acquired a new stake in POET Technologies in the third quarter valued at approximately $25,000. CoreCap Advisors LLC lifted its stake in shares of POET Technologies by 1,967.2% in the 3rd quarter. CoreCap Advisors LLC now owns 5,168 shares of the company’s stock valued at $29,000 after purchasing an additional 4,918 shares during the last quarter. Finally, New Millennium Group LLC bought a new stake in shares of POET Technologies during the 3rd quarter worth about $27,000. 1.99% of the stock is currently owned by institutional investors and hedge funds.

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.