POET Technologies (NASDAQ:POET) Shares Gap Up – Time to Buy?

POET Technologies Inc. (NASDAQ:POET)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $7.36, but opened at $8.35. POET Technologies shares last traded at $8.3190, with a volume of 8,884,152 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of POET Technologies in a research report on Friday, July 17th. One analyst has rated the stock with a Sell rating, According to MarketBeat, POET Technologies currently has an average rating of “Sell” and a consensus target price of $8.00.

POET Technologies Trading Down 5.6%

The company has a market capitalization of $1.24 billion, a P/E ratio of -11.24 and a beta of 0.81. The company has a 50 day moving average price of $9.93 and a 200 day moving average price of $8.69.

POET Technologies (NASDAQ:POET) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.04). POET Technologies had a negative net margin of 5,786.60% and a negative return on equity of 27.24%. The business had revenue of $0.50 million for the quarter, compared to analyst estimates of $0.25 million. As a group, sell-side analysts forecast that POET Technologies Inc. will post -0.24 EPS for the current fiscal year.

Institutional Trading of POET Technologies

A number of hedge funds have recently modified their holdings of the stock. Advisory Services Network LLC acquired a new position in POET Technologies in the 3rd quarter valued at about $25,000. Quarry LP acquired a new stake in POET Technologies during the fourth quarter worth approximately $29,000. Shelton Wealth Management LLC bought a new stake in shares of POET Technologies during the first quarter worth approximately $59,000. Albion Financial Group UT grew its position in shares of POET Technologies by 233.3% in the fourth quarter. Albion Financial Group UT now owns 10,000 shares of the company’s stock valued at $63,000 after purchasing an additional 7,000 shares during the last quarter. Finally, PNC Financial Services Group Inc. bought a new position in shares of POET Technologies during the first quarter worth approximately $59,000. 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.