POET Technologies (NASDAQ:POET) Stock Price Down 5.9% – Time to Sell?

POET Technologies Inc. (NASDAQ:POET) was down 5.9% during trading on Tuesday . The company traded as low as $6.62 and last traded at $6.5050. Approximately 3,949,837 shares traded hands during trading, a decline of 56% from the average daily volume of 9,064,233 shares. The stock had previously closed at $6.91.

Analyst Upgrades and Downgrades

POET has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of POET Technologies in a research note on Thursday, January 22nd. Northland Securities set a $8.00 price target 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.com, the stock has a consensus rating of “Sell” and a consensus price target of $8.00.

POET Technologies Trading Down 2.7%

The stock has a market cap of $887.83 million, a P/E ratio of -9.33 and a beta of 0.36. The stock has a 50 day simple moving average of $6.61 and a 200 day simple moving average of $6.29.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC raised its position in shares of POET Technologies by 390.4% during the second quarter. Steward Partners Investment Advisory LLC now owns 13,520 shares of the company’s stock worth $70,000 after purchasing an additional 10,763 shares during the period. Scotia Capital Inc. raised its holdings in shares of POET Technologies by 13.0% in the 2nd quarter. Scotia Capital Inc. now owns 18,295 shares of the company’s stock worth $95,000 after purchasing an additional 2,100 shares during the period. Quadrature Capital Ltd bought a new position in shares of POET Technologies during the 2nd quarter worth $855,000. Jump Financial LLC bought a new stake in POET Technologies during the 2nd quarter valued at $619,000. Finally, Raymond James Financial Inc. raised its position in shares of POET Technologies by 253.1% in the second quarter. Raymond James Financial Inc. now owns 235,992 shares of the company’s stock worth $1,230,000 after buying an additional 169,158 shares in 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.