POET Technologies (NASDAQ:POET) Stock Price Down 7.7% – Here’s What Happened

POET Technologies Inc. (NASDAQ:POET) shares traded down 7.7% on Tuesday . The company traded as low as $13.27 and last traded at $13.46. 12,873,161 shares changed hands during trading, a decline of 48% from the average session volume of 24,977,578 shares. The stock had previously closed at $14.59.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Wall Street Zen lowered shares of POET Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, April 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, POET Technologies presently has a consensus rating of “Sell” and an average price target of $8.00.

POET Technologies Stock Down 8.2%

The business has a 50-day simple moving average of $9.10 and a 200-day simple moving average of $7.23. The stock has a market cap of $2.06 billion, a P/E ratio of -18.60 and a beta of 0.53.

POET Technologies (NASDAQ:POET) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). POET Technologies had a negative return on equity of 27.24% and a negative net margin of 5,786.60%.The firm had revenue of $0.50 million during the quarter, compared to analyst estimates of $0.25 million. On average, analysts predict that POET Technologies Inc. will post -0.21 earnings per share for the current fiscal year.

Institutional Trading of POET Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Coldstream Capital Management Inc. lifted its holdings in shares of POET Technologies by 34.7% during the fourth quarter. Coldstream Capital Management Inc. now owns 13,473 shares of the company’s stock worth $85,000 after buying an additional 3,473 shares during the last quarter. SBI Securities Co. Ltd. boosted its holdings in POET Technologies by 95.3% in the 3rd quarter. SBI Securities Co. Ltd. now owns 8,487 shares of the company’s stock valued at $47,000 after purchasing an additional 4,142 shares during the period. Advisory Services Network LLC acquired a new stake in POET Technologies in the 3rd quarter worth $25,000. Quarry LP bought a new position in shares of POET Technologies during the 4th quarter worth about $29,000. Finally, New Millennium Group LLC acquired a new position in shares of POET Technologies during the third quarter valued at about $27,000. Institutional investors and hedge funds own 1.99% of the company’s stock.

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.