POET Technologies (NASDAQ:POET) Trading Up 8.9% – Time to Buy?

POET Technologies Inc. (NASDAQ:POET) was up 8.9% during mid-day trading on Tuesday . The stock traded as high as $5.93 and last traded at $6.0130. Approximately 1,232,531 shares changed hands during trading, a decline of 85% from the average daily volume of 8,418,945 shares. The stock had previously closed at $5.52.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Northland Securities set a $8.00 price objective on POET Technologies in a research note on Wednesday, December 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a report on Thursday, January 22nd. Finally, Wall Street Zen upgraded shares of POET Technologies from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has an average rating of “Sell” and an average price target of $8.00.

POET Technologies Trading Up 8.4%

The company has a market cap of $790.14 million, a PE ratio of -8.30 and a beta of 0.37. The firm’s 50-day simple moving average is $6.61 and its two-hundred day simple moving average is $6.14.

Hedge Funds Weigh In On POET Technologies

Several hedge funds have recently made changes to their positions in the company. MMCAP International Inc. SPC raised its stake in POET Technologies by 2,198.7% in the 2nd quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company’s stock worth $30,710,000 after acquiring an additional 5,637,964 shares during the last quarter. Private Advisor Group LLC purchased a new position in shares of POET Technologies in the fourth quarter worth about $2,707,000. Raymond James Financial Inc. raised its stake 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 worth $2,290,000 after purchasing an additional 177,341 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of POET Technologies during the second quarter worth about $855,000. Finally, Federation des caisses Desjardins du Quebec boosted its position in 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. 1.99% of the stock is owned by institutional investors and hedge funds.

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.