POET Technologies (NASDAQ:POET) Announces Quarterly Earnings Results, Meets Estimates

POET Technologies (NASDAQ:POET) posted its quarterly earnings results on Thursday. The company reported ($0.07) EPS for the quarter, hitting analysts’ consensus estimates of ($0.07), Zacks reports. POET Technologies had a negative net margin of 5,786.60% and a negative return on equity of 27.24%. The business had revenue of $0.57 million during the quarter, compared to analysts’ expectations of $0.50 million. During the same period last year, the company posted ($0.21) earnings per share.

POET Technologies Trading Up 0.5%

NASDAQ POET opened at $8.91 on Friday. The company has a market cap of $1.37 billion, a P/E ratio of -12.38 and a beta of 0.81. The company has a fifty day simple moving average of $9.29 and a 200 day simple moving average of $8.73. POET Technologies has a 12-month low of $3.87 and a 12-month high of $20.81.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a report on Friday, July 17th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, POET Technologies presently has an average rating of “Sell” and an average target price of $8.00.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Advisory Services Network LLC acquired a new stake in shares of POET Technologies in the 3rd quarter worth about $25,000. Quarry LP bought a new stake in POET Technologies during the 4th quarter worth approximately $29,000. Moneta Group Investment Advisors LLC raised its stake in shares of POET Technologies by 31.8% in the third quarter. Moneta Group Investment Advisors LLC now owns 23,533 shares of the company’s stock worth $130,000 after purchasing an additional 5,681 shares during the last quarter. Osaic Holdings Inc. lifted its holdings in shares of POET Technologies by 22.3% in the second quarter. Osaic Holdings Inc. now owns 34,735 shares of the company’s stock valued at $181,000 after purchasing an additional 6,340 shares in the last quarter. Finally, Aptus Capital Advisors LLC boosted its position in shares of POET Technologies by 7.6% during the fourth quarter. Aptus Capital Advisors LLC now owns 113,709 shares of the company’s stock valued at $720,000 after buying an additional 8,000 shares during the last quarter. 1.99% of the stock is currently owned by institutional investors and hedge funds.

POET Technologies Company Profile

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.