POET Technologies Sees Unusually High Options Volume (NASDAQ:POET)

POET Technologies Inc. (NASDAQ:POET) saw some unusual options trading activity on Friday. Traders bought 227,542 call options on the company. This is an increase of approximately 874% compared to the typical daily volume of 23,370 call options.

Institutional Trading of POET Technologies

Several hedge funds have recently added to or reduced their stakes in POET. MMCAP International Inc. SPC raised its holdings in POET Technologies by 2,198.7% in the second quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company’s stock valued at $30,710,000 after acquiring an additional 5,637,964 shares in the last quarter. Paragon Capital Management Ltd raised its holdings in POET Technologies by 438.4% in the first quarter. Paragon Capital Management Ltd now owns 579,300 shares of the company’s stock valued at $2,190,000 after acquiring an additional 471,700 shares in the last quarter. Raymond James Financial Inc. raised its holdings in POET Technologies by 253.1% in the second quarter. Raymond James Financial Inc. now owns 235,992 shares of the company’s stock valued at $1,230,000 after acquiring an additional 169,158 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in POET Technologies in the second quarter valued at approximately $855,000. Finally, Jump Financial LLC acquired a new stake in POET Technologies in the second quarter valued at approximately $619,000. Institutional investors and hedge funds own 1.99% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Wall Street Zen raised shares of POET Technologies from a “sell” rating to a “hold” rating in a research report on Friday, October 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of POET Technologies in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $6.25.

POET Technologies Stock Performance

Shares of POET opened at $7.63 on Friday. The stock has a market capitalization of $692.19 million, a PE ratio of -9.42 and a beta of 0.37. POET Technologies has a 1 year low of $3.09 and a 1 year high of $9.41. The company’s 50-day simple moving average is $5.68 and its 200-day simple moving average is $5.02.

POET Technologies (NASDAQ:POET) last issued its earnings results on Monday, August 11th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.10). The firm had revenue of $0.27 million during the quarter, compared to analyst estimates of $0.39 million. POET Technologies had a negative net margin of 11,497.01% and a negative return on equity of 141.43%. On average, sell-side analysts predict that POET Technologies will post -0.45 earnings per share for the current year.

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. 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.