Wall Street Zen Upgrades POET Technologies (NASDAQ:POET) to “Hold”

POET Technologies (NASDAQ:POET) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Sunday, Wall Street Zen reports.

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

POET Technologies Price Performance

POET Technologies stock opened at $7.81 on Friday. The business has a fifty day moving average price of $7.91 and a 200-day moving average price of $9.17. POET Technologies has a 1-year low of $3.87 and a 1-year high of $20.81. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -13.47 and a beta of 0.83.

POET Technologies (NASDAQ:POET) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.07) EPS for the quarter, meeting analysts’ consensus estimates of ($0.07). POET Technologies had a negative return on equity of 11.65% and a negative net margin of 4,423.13%.The company had revenue of $0.57 million during the quarter, compared to analysts’ expectations of $0.50 million. During the same period last year, the business posted ($0.21) earnings per share. On average, equities research analysts anticipate that POET Technologies will post -0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On POET Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Counterpoint Mutual Funds LLC purchased a new position in shares of POET Technologies in the first quarter valued at approximately $598,000. SummitTX Capital L.P. purchased a new stake in shares of POET Technologies during the first quarter worth approximately $452,000. Royal Bank of Canada increased its position in shares of POET Technologies by 46.8% during the first quarter. Royal Bank of Canada now owns 182,682 shares of the company’s stock worth $1,085,000 after purchasing an additional 58,214 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in POET Technologies by 3,806.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 56,408 shares of the company’s stock valued at $357,000 after purchasing an additional 54,964 shares during the last quarter. Finally, Teza Capital Management LLC acquired a new position in POET Technologies in the 2nd quarter valued at $349,000. 1.99% of the stock is owned by institutional investors and hedge funds.

About POET Technologies

POET Technologies Inc is a technology company that develops photonic and optoelectronic solutions for communications, data-center and artificial-intelligence applications. Its products are designed to help transmit and process data at high speeds while supporting lower power consumption and more compact system designs.

The company’s core technology is the POET Optical Interposer, a semiconductor-based platform that integrates optical and electronic components into a single package. This platform is used to develop optical engines and other solutions for fiber-optic communications, including applications involving data-center interconnects, high-performance computing and telecommunications networks.

POET Technologies works with manufacturing and industry partners to commercialize products based on its optical-interposer technology.