POET Technologies (CVE:PTK) Shares Up 18.1% – Here’s Why

POET Technologies Inc. (CVE:PTK)’s share price shot up 18.1% on Wednesday . The stock traded as high as C$8.43 and last traded at C$8.24. 322,979 shares traded hands during mid-day trading, an increase of 128% from the average session volume of 141,842 shares. The stock had previously closed at C$6.98.

Wall Street Analysts Forecast Growth

Separately, Northland Capmk raised shares of POET Technologies to a “strong-buy” rating in a report on Monday, November 18th.

POET Technologies Stock Up 18.1 %

The stock has a 50-day moving average of C$6.08 and a 200-day moving average of C$4.82. The company has a debt-to-equity ratio of 1.63, a current ratio of 6.71 and a quick ratio of 5.08. The firm has a market cap of C$573.50 million, a price-to-earnings ratio of -11.29 and a beta of 0.48.

Insider Activity

In related news, Senior Officer Vivek Rajgarhia sold 5,000 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of C$7.24, for a total transaction of C$36,219.00. Also, Director James Lee sold 25,000 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of C$6.95, for a total transaction of C$173,712.50. Corporate insiders own 0.82% of the company’s stock.

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.