MMCAP International Inc. SPC Sells 2,839,640 Shares of POET Technologies Inc. (NASDAQ:POET)

MMCAP International Inc. SPC trimmed its holdings in shares of POET Technologies Inc. (NASDAQ:POET) by 59.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,916,144 shares of the company’s stock after selling 2,839,640 shares during the period. POET Technologies accounts for about 1.8% of MMCAP International Inc. SPC’s investment portfolio, making the stock its 15th biggest holding. MMCAP International Inc. SPC owned approximately 2.50% of POET Technologies worth $11,401,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of POET. Tyler Stone Wealth Management increased its stake in POET Technologies by 234.6% in the third quarter. Tyler Stone Wealth Management now owns 271,000 shares of the company’s stock valued at $1,203,000 after purchasing an additional 190,000 shares in the last quarter. SevenBridge Financial Group LLC increased its stake in POET Technologies by 92.8% in the third quarter. SevenBridge Financial Group LLC now owns 118,709 shares of the company’s stock valued at $527,000 after purchasing an additional 57,125 shares in the last quarter. Centiva Capital LP bought a new stake in POET Technologies in the third quarter valued at approximately $134,000. Quadrature Capital Ltd bought a new stake in POET Technologies in the third quarter valued at approximately $112,000. Finally, XTX Topco Ltd bought a new stake in POET Technologies in the third quarter valued at approximately $178,000. 1.99% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

POET has been the subject of several research analyst reports. Northland Capmk upgraded shares of POET Technologies to a “strong-buy” rating in a report on Monday, November 18th. Craig Hallum upped their price target on shares of POET Technologies from $3.50 to $5.50 and gave the company a “buy” rating in a report on Friday, November 22nd. Finally, Northland Securities reiterated an “outperform” rating and issued a $7.00 price target (up previously from $6.00) on shares of POET Technologies in a report on Monday, December 2nd.

POET Technologies Stock Down 4.6 %

POET Technologies stock opened at $3.97 on Wednesday. The stock has a market capitalization of $309.80 million, a PE ratio of -6.73 and a beta of 0.38. POET Technologies Inc. has a twelve month low of $1.00 and a twelve month high of $7.79. The company has a 50 day moving average of $5.19 and a 200-day moving average of $4.32.

POET Technologies Company Profile

POET Technologies Inc designs, develops, manufactures, and sells discrete and integrated opto-electronic solutions in Canada, the United States, Singapore, and China. It 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.