POET Technologies (CVE:PTK) Stock Price Down 1.5% – Here’s Why

POET Technologies Inc. (CVE:PTK) dropped 1.5% on Monday . The stock traded as low as C$7.29 and last traded at C$7.38. Approximately 152,071 shares traded hands during trading, a decline of 3% from the average daily volume of 156,992 shares. The stock had previously closed at C$7.49.

Wall Street Analysts Forecast Growth

Separately, Singular Research upgraded shares of POET Technologies to a “strong-buy” rating in a report on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, POET Technologies currently has an average rating of “Strong Buy”.

POET Technologies Price Performance

The company has a 50 day simple moving average of C$7.38 and a 200 day simple moving average of C$7.38. The company has a market capitalization of C$669.51 million, a price-to-earnings ratio of -9.11 and a beta of 0.82. The company has a quick ratio of 5.08, a current ratio of 1.89 and a debt-to-equity ratio of 14.84.

Insider Activity

In other news, insider Mo Jinyu sold 30,000 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of C$20.15, for a total value of C$604,500.00. Also, Director Sohail Khan sold 9,924 shares of the firm’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of C$8.27, for a total transaction of C$82,071.48. Following the completion of the transaction, the director directly owned 11,276 shares in the company, valued at approximately C$93,252.52. This represents a 46.81% decrease in their position. Insiders sold a total of 190,424 shares of company stock valued at $3,679,976 over the last quarter. 0.82% of the stock is owned by insiders.

POET Technologies Company Profile

POET Technologies Inc designs, develops, manufactures, and sells discrete and integrated opto-electronic solutions in Canada, the United States, Singapore, and China. The company offers integration solutions based on the POET Optical Interposer, a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques. It also develops photonic integrated components. The company serves the data center, telecommunications, Internet of things and industrial sensing, automotive LIDAR, optical coherence tomography for medical devices, and virtual reality systems markets.