POET Technologies (NASDAQ:POET) Shares Gap Up – Here’s What Happened

POET Technologies Inc. (NASDAQ:POET)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $15.97, but opened at $17.02. POET Technologies shares last traded at $14.8440, with a volume of 19,974,381 shares changing hands.

Wall Street Analysts Forecast Growth

POET has been the topic of several research analyst reports. Wall Street Zen cut POET Technologies from a “hold” rating to a “sell” rating in a report on Saturday, April 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Sell” and an average target price of $8.00.

POET Technologies Trading Down 14.1%

The firm has a market capitalization of $1.81 billion, a P/E ratio of -18.97 and a beta of 0.53. The business has a 50 day moving average of $8.21 and a 200-day moving average of $6.90.

POET Technologies (NASDAQ:POET) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). The firm had revenue of $0.50 million for the quarter, compared to the consensus estimate of $0.25 million. POET Technologies had a negative return on equity of 51.03% and a negative net margin of 5,786.60%. On average, analysts anticipate that POET Technologies Inc. will post -0.21 EPS for the current fiscal year.

Hedge Funds Weigh In On POET Technologies

Several hedge funds have recently made changes to their positions in POET. SummitTX Capital L.P. bought a new position in POET Technologies during the first quarter worth $452,000. Compound Planning Inc. bought a new stake in shares of POET Technologies in the first quarter valued at about $94,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of POET Technologies in the first quarter valued at about $118,000. PNC Financial Services Group Inc. bought a new stake in shares of POET Technologies in the first quarter valued at about $59,000. Finally, Shelton Wealth Management LLC bought a new stake in shares of POET Technologies in the first quarter valued at about $59,000. 1.99% of the stock is owned by institutional investors.

About POET Technologies

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.