POET Technologies (NASDAQ:POET) Hits New 12-Month High – Should You Buy?

POET Technologies Inc. (NASDAQ:POET) reached a new 52-week high on Thursday . The stock traded as high as $7.10 and last traded at $7.06, with a volume of 1599804 shares. The stock had previously closed at $5.76.

Wall Street Analyst Weigh In

Several brokerages have recently commented on POET. Northland Securities reissued an “outperform” rating and issued a $7.00 target price (up from $6.00) on shares of POET Technologies in a report on Monday, December 2nd. Craig Hallum raised their target price on POET Technologies from $3.50 to $5.50 and gave the company a “buy” rating in a research note on Friday, November 22nd. Finally, Northland Capmk upgraded shares of POET Technologies to a “strong-buy” rating in a research report on Monday, November 18th.

POET Technologies Trading Up 24.0 %

The firm has a fifty day simple moving average of $4.36 and a 200-day simple moving average of $3.50. The stock has a market cap of $546.12 million, a price-to-earnings ratio of -12.10 and a beta of 0.42.

Institutional Trading of POET Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Toronto Dominion Bank bought a new stake in shares of POET Technologies during the third quarter worth approximately $54,000. Quadrature Capital Ltd acquired a new position in shares of POET Technologies in the 3rd quarter valued at $112,000. Centiva Capital LP acquired a new position in shares of POET Technologies during the 3rd quarter worth about $134,000. XTX Topco Ltd acquired a new position in POET Technologies during the third quarter valued at approximately $178,000. Finally, Virtu Financial LLC acquired a new position in shares of POET Technologies in the 3rd quarter valued at $319,000. 1.99% of the stock is owned by institutional investors.

About POET Technologies

POET Technologies Inc designs, develops, manufactures, and sells discrete and integrated opto-electronic solutions in Canada, the United States, Singapore, and China. It 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.