POET Technologies (NASDAQ:POET) Sees Strong Trading Volume – Here’s What Happened

POET Technologies Inc. (NASDAQ:POET) saw unusually-strong trading volume on Monday . Approximately 7,573,279 shares traded hands during mid-day trading, an increase of 78% from the previous session’s volume of 4,250,368 shares.The stock last traded at $7.8290 and had previously closed at $6.78.

Analyst Ratings Changes

A number of equities research analysts have weighed in on POET shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a research note on Wednesday, October 8th. Wall Street Zen upgraded POET Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. Finally, Northland Securities set a $8.00 price objective on POET Technologies in a research report on Wednesday, December 3rd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, POET Technologies presently has an average rating of “Sell” and an average target price of $8.00.

POET Technologies Stock Performance

The business’s 50-day moving average price is $6.03 and its 200-day moving average price is $5.78. The stock has a market cap of $925.68 million, a P/E ratio of -9.76 and a beta of 0.46.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in POET. Advisory Services Network LLC bought a new stake in POET Technologies during the 3rd quarter worth approximately $25,000. New Millennium Group LLC purchased a new stake in shares of POET Technologies in the third quarter worth $27,000. CoreCap Advisors LLC increased its stake in shares of POET Technologies by 1,967.2% in the third quarter. CoreCap Advisors LLC now owns 5,168 shares of the company’s stock worth $29,000 after purchasing an additional 4,918 shares in the last quarter. SBI Securities Co. Ltd. raised its position 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 valued at $47,000 after purchasing an additional 4,142 shares during the period. Finally, Coldstream Capital Management Inc. purchased a new position in shares of POET Technologies during the 3rd quarter valued at $55,000. 1.99% of the stock is currently owned by institutional investors.

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.