POET Technologies Inc. (NASDAQ:POET – Get Free Report) fell 7.8% on Wednesday . The company traded as low as $7.79 and last traded at $7.7190. 7,031,296 shares traded hands during trading, a decline of 72% from the average session volume of 24,688,260 shares. The stock had previously closed at $8.37.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on POET shares. Weiss Ratings reissued a “sell (d-)” rating on shares of POET Technologies in a research report on Friday. Wall Street Zen lowered POET Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, April 4th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Sell” and an average price target of $8.00.
Check Out Our Latest Analysis on POET
POET Technologies Stock Performance
POET Technologies (NASDAQ:POET – Get Free Report) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.04). The firm had revenue of $0.50 million for the quarter, compared to analysts’ expectations of $0.25 million. POET Technologies had a negative net margin of 5,786.60% and a negative return on equity of 27.24%. As a group, sell-side analysts anticipate that POET Technologies Inc. will post -0.24 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in POET. Royal Bank of Canada grew its holdings in shares of POET Technologies by 46.8% during the first quarter. Royal Bank of Canada now owns 182,682 shares of the company’s stock valued at $1,085,000 after buying an additional 58,214 shares during the last quarter. SummitTX Capital L.P. bought a new position in POET Technologies in the 1st quarter valued at approximately $452,000. Compound Planning Inc. bought a new position in POET Technologies in the 1st quarter valued at approximately $94,000. Arrowstreet Capital Limited Partnership bought a new position in POET Technologies in the 1st quarter valued at approximately $118,000. Finally, PNC Financial Services Group Inc. purchased a new stake in POET Technologies during the 1st quarter valued at $59,000. Institutional investors own 1.99% of the company’s stock.
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.
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