POET Technologies (NASDAQ:POET) Shares Climb 11% – What’s Next?

Shares of POET Technologies Inc. (NASDAQ:POET) were up 11% on Friday. The company traded as high as $4.75 and last traded at $4.7280. Approximately 2,609,321 shares were traded during trading, a decline of 86% from the average session volume of 19,245,486 shares. The stock had previously closed at $4.26.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on POET. Weiss Ratings reissued a “sell (d-)” rating on shares of POET Technologies in a research note on Thursday, October 15th. Wall Street Zen raised POET Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, October 4th. One research analyst has rated the stock with a Sell rating. According to MarketBeat.com, the stock currently has an average rating of “Sell” and a consensus target price of $8.00.

POET Technologies Stock Performance

The stock has a market cap of $831.61 million, a price-to-earnings ratio of -8.40 and a beta of 0.91. The company’s 50 day simple moving average is $6.82 and its two-hundred day simple moving average is $8.20.

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

Institutional Trading of POET Technologies

Several hedge funds and other institutional investors have recently modified their holdings of POET. Fund Resources Investment Holding Group Co Ltd acquired a new stake in POET Technologies during the third quarter valued at $5,818,000. Commonwealth Equity Services LLC grew its stake in POET Technologies by 33.0% in the third quarter. Commonwealth Equity Services LLC now owns 17,189 shares of the company’s stock valued at $129,000 after purchasing an additional 4,267 shares in the last quarter. Vise Technologies Inc. acquired a new position in POET Technologies in the 3rd quarter worth about $76,000. SBI Securities Co. Ltd. raised its stake in shares of POET Technologies by 14.0% during the 3rd quarter. SBI Securities Co. Ltd. now owns 47,874 shares of the company’s stock worth $358,000 after purchasing an additional 5,897 shares in the last quarter. Finally, Hidden Cove Wealth Management LLC purchased a new stake in shares of POET Technologies during the 3rd quarter worth about $78,000. 1.99% of the stock is currently owned by hedge funds and other institutional investors.

POET Technologies Company Profile

POET Technologies Inc (NASDAQ:POET) is a semiconductor and photonics company that develops optical components and integrated solutions for high-speed communications. Its technologies are designed to support applications in data centers, artificial intelligence and machine learning infrastructure, telecommunications, and other markets that require high-bandwidth, energy-efficient data transmission.

The company’s portfolio is centered on the POET Optical Interposer, a platform that integrates optical and electronic components into compact, scalable modules.