POET Technologies (NASDAQ:POET) Trading 8.1% Higher – Here’s What Happened

POET Technologies Inc. (NASDAQ:POET)’s stock price was up 8.1% during mid-day trading on Monday . The stock traded as high as $8.45 and last traded at $8.43. 4,293,951 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 21,306,025 shares. The stock had previously closed at $7.80.

Analyst Upgrades and Downgrades

A number of brokerages have commented on POET. Wall Street Zen raised POET Technologies from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. 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, According to MarketBeat, POET Technologies presently has an average rating of “Sell” and an average target price of $8.00.

POET Technologies Stock Up 10.6%

The firm has a 50 day moving average price of $7.90 and a 200 day moving average price of $9.10. The stock has a market capitalization of $1.32 billion, a PE ratio of -14.87 and a beta of 0.83.

POET Technologies (NASDAQ:POET) last announced its earnings results on Thursday, August 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.07). POET Technologies had a negative return on equity of 11.65% and a negative net margin of 4,423.13%.The company had revenue of $0.57 million for the quarter, compared to analysts’ expectations of $0.50 million. During the same quarter in the previous year, the firm earned ($0.21) earnings per share. On average, equities analysts forecast that POET Technologies Inc. will post -0.28 earnings per share for the current fiscal year.

Institutional Trading of POET Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the company. SummitTX Capital L.P. purchased a new position in POET Technologies during the first quarter worth about $452,000. Counterpoint Mutual Funds LLC bought a new stake in POET Technologies in the 1st quarter worth about $598,000. Caitong International Asset Management Co. Ltd increased its stake in POET Technologies by 3,806.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 56,408 shares of the company’s stock valued at $357,000 after buying an additional 54,964 shares during the last quarter. Teza Capital Management LLC purchased a new stake in POET Technologies in the 2nd quarter valued at about $349,000. Finally, Headlands Technologies LLC lifted its position in shares of POET Technologies by 53.1% during the 2nd quarter. Headlands Technologies LLC now owns 56,776 shares of the company’s stock worth $584,000 after buying an additional 19,692 shares in the last quarter. Hedge funds and other institutional investors own 1.99% of the company’s stock.

POET Technologies Company Profile

POET Technologies, Inc is a technology company that develops photonic integrated circuits, optical engines and related semiconductor components for high-speed communications. Its products are designed to convert and transmit data using light, supporting applications in data centers, telecommunications networks, artificial intelligence infrastructure and high-performance computing.

The company’s technology is based on its Optical Interposer platform, which integrates electronic and photonic components into compact, scalable modules.