POET Technologies (NASDAQ:POET) Trading Down 7% – Time to Sell?

POET Technologies Inc. (NASDAQ:POET) dropped 7% on Wednesday . The company traded as low as $6.17 and last traded at $6.3150. Approximately 7,639,343 shares were traded during trading, a decline of 25% from the average daily volume of 10,143,973 shares. The stock had previously closed at $6.79.

Wall Street Analyst Weigh In

Several research firms have recently commented on POET. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a research note on Thursday, January 22nd. Northland Securities set a $8.00 price objective on shares of POET Technologies in a research note on Wednesday, December 3rd. Finally, Wall Street Zen raised 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 stock presently has an average rating of “Sell” and a consensus price target of $8.00.

POET Technologies Stock Performance

The company’s fifty day moving average price is $6.52 and its 200 day moving average price is $6.19. The firm has a market capitalization of $827.11 million, a price-to-earnings ratio of -8.72 and a beta of 0.31.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. MMCAP International Inc. SPC lifted its stake in POET Technologies by 2,198.7% in the second quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company’s stock valued at $30,710,000 after buying an additional 5,637,964 shares during the last quarter. Steward Partners Investment Advisory LLC increased its holdings in shares of POET Technologies by 390.4% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 13,520 shares of the company’s stock worth $70,000 after acquiring an additional 10,763 shares during the period. Scotia Capital Inc. lifted its position in POET Technologies by 13.0% in the 2nd quarter. Scotia Capital Inc. now owns 18,295 shares of the company’s stock valued at $95,000 after purchasing an additional 2,100 shares during the last quarter. Quadrature Capital Ltd acquired a new position in POET Technologies during the 2nd quarter valued at about $855,000. Finally, Jump Financial LLC bought a new position in POET Technologies in the 2nd quarter worth about $619,000. 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.