POET Technologies Inc. (NASDAQ:POET – Get Free Report) 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.
Analyst Ratings Changes
POET has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of POET Technologies in a report on Friday, July 17th. Wall Street Zen raised shares of POET Technologies from a “sell” rating to a “hold” rating in a research note on Saturday. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, POET Technologies presently has a consensus rating of “Sell” and a consensus price target of $8.00.
Check Out Our Latest Stock Analysis on POET
POET Technologies Price Performance
POET Technologies (NASDAQ:POET – Get Free Report) last released its earnings results on Thursday, August 13th. The company reported ($0.07) earnings per share for the quarter, meeting the consensus estimate of ($0.07). The business had revenue of $0.57 million for the quarter, compared to the consensus estimate of $0.50 million. POET Technologies had a negative return on equity of 11.65% and a negative net margin of 4,423.13%.During the same quarter last year, the business posted ($0.21) earnings per share. On average, research analysts anticipate that POET Technologies Inc. will post -0.24 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Private Advisor Group LLC acquired a new stake in POET Technologies during the 4th quarter worth $2,707,000. Raymond James Financial Inc. raised its position in shares of POET Technologies by 75.1% in the third quarter. Raymond James Financial Inc. now owns 413,333 shares of the company’s stock valued at $2,290,000 after buying an additional 177,341 shares during the last quarter. Federation des caisses Desjardins du Quebec raised its position in shares of POET Technologies by 33.6% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 618,604 shares of the company’s stock valued at $3,910,000 after buying an additional 155,428 shares during the last quarter. Jump Financial LLC purchased a new position in shares of POET Technologies in the second quarter worth about $619,000. Finally, Counterpoint Mutual Funds LLC purchased a new position in shares of POET Technologies in the first quarter worth about $598,000. Hedge funds and other 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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