POET Technologies (NASDAQ:POET) Shares Gap Up – Still a Buy?

Shares of POET Technologies Inc. (NASDAQ:POET) gapped up before the market opened on Wednesday. The stock had previously closed at $5.07, but opened at $5.51. POET Technologies shares last traded at $5.5350, with a volume of 1,454,173 shares changing hands.

Analysts Set New Price Targets

POET has been the topic of several recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research report on Thursday, October 15th. Wall Street Zen downgraded POET Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, November 7th. One research analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, POET Technologies presently has an average rating of “Sell” and an average target price of $8.00.

POET Technologies Price Performance

The business’s fifty day simple moving average is $6.60 and its 200-day simple moving average is $8.15.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Fund Resources Investment Holding Group Co Ltd purchased a new position in POET Technologies during the third quarter valued at $5,818,000. SummitTX Capital L.P. purchased a new position in POET Technologies during the 1st quarter valued at about $452,000. Royal Bank of Canada lifted its position in POET Technologies by 46.8% during the 1st quarter. Royal Bank of Canada now owns 182,682 shares of the company’s stock valued at $1,085,000 after acquiring an additional 58,214 shares during the period. Teza Capital Management LLC purchased a new position in POET Technologies during the 2nd quarter valued at about $349,000. Finally, IPG Investment Advisors LLC bought a new stake in POET Technologies during the second quarter worth about $149,000. Institutional investors own 1.99% of the company’s stock.

About POET Technologies

POET Technologies develops photonic integrated circuits and optical engines for applications that require high-speed data transmission. Its products are designed for markets including data centers, artificial intelligence infrastructure and telecommunications. The company’s proprietary Optical Interposer platform is intended to integrate optical and electronic components using semiconductor manufacturing techniques. POET uses this platform to develop compact optical engines that combine components such as lasers, photonic devices and integrated circuits.