POET Technologies (NASDAQ:POET) Shares Gap Up – Should You Buy?

Shares of POET Technologies Inc. (NASDAQ:POET) gapped up before the market opened on Wednesday . The stock had previously closed at $10.25, but opened at $11.53. POET Technologies shares last traded at $11.8050, with a volume of 35,164,188 shares traded.

Analysts Set New Price Targets

A number of research analysts have recently commented on POET shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a report on Tuesday. Wall Street Zen cut POET Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, April 4th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell” and a consensus target price of $8.00.

POET Technologies Stock Down 8.2%

The firm has a market capitalization of $1.55 billion, a P/E ratio of -20.93 and a beta of 0.36. The business has a 50-day moving average price of $6.65 and a 200-day moving average price of $6.55.

POET Technologies (NASDAQ:POET) last released its quarterly earnings data on Tuesday, March 31st. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). The firm had revenue of $0.34 million for the quarter, compared to the consensus estimate of $0.40 million. POET Technologies had a negative net margin of 5,857.02% and a negative return on equity of 38.88%. As a group, sell-side analysts forecast that POET Technologies Inc. will post -0.21 EPS for the current year.

Institutional Trading of POET Technologies

Institutional investors and hedge funds have recently modified their holdings of the company. SBI Securities Co. Ltd. increased its position in shares of POET Technologies by 531.7% during the fourth quarter. SBI Securities Co. Ltd. now owns 53,609 shares of the company’s stock valued at $339,000 after purchasing an additional 45,122 shares during the period. Apollon Wealth Management LLC acquired a new stake in POET Technologies in the 4th quarter valued at $127,000. Albion Financial Group UT boosted its stake in POET Technologies by 233.3% in the 4th quarter. Albion Financial Group UT now owns 10,000 shares of the company’s stock valued at $63,000 after buying an additional 7,000 shares in the last quarter. Redhawk Wealth Advisors Inc. acquired a new stake in POET Technologies in the 4th quarter valued at $76,000. Finally, Woodstock Corp acquired a new stake in POET Technologies in the 4th quarter valued at $430,000. 1.99% of the stock is currently owned by institutional investors.

POET Technologies Company Profile

POET Technologies Inc is a Canadian fabless semiconductor company focused on the development and commercialization of integrated silicon photonics platforms. Leveraging proprietary POET Optical Interposer™ technology, the company designs and manufactures optical input/output (I/O) solutions that enable high-bandwidth, low-power data transmission between electronic chips and fiber-optic networks. By integrating optical waveguides, lasers, detectors and electronic drivers onto a single chip, POET aims to address the growing demand for faster, more energy-efficient data connectivity in telecommunications, data centers and high-performance computing applications.

The company’s core products include silicon photonics interposer arrays, active optical cables and optical transceiver modules.