POET Technologies (NASDAQ:POET) Stock Price Down 4.3% – Here’s What Happened

POET Technologies Inc. (NASDAQ:POET) shares fell 4.3% on Tuesday . The stock traded as low as $6.96 and last traded at $6.9880. 7,396,741 shares were traded during mid-day trading, a decline of 21% from the average session volume of 9,319,452 shares. The stock had previously closed at $7.30.

Analyst Ratings Changes

Several research firms have weighed in on POET. Wall Street Zen downgraded shares of POET Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, April 4th. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Sell” and a consensus price target of $8.00.

POET Technologies Stock Performance

The stock has a market capitalization of $887.97 million, a P/E ratio of -11.93 and a beta of 0.36. The company’s 50-day moving average price is $6.14 and its 200 day moving average price is $6.39.

POET Technologies (NASDAQ:POET) last announced its quarterly earnings data on Tuesday, March 31st. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). The firm had revenue of $0.34 million for the quarter, compared to the consensus estimate of $0.40 million. POET Technologies had a negative net margin of 5,857.02% and a negative return on equity of 38.88%. Analysts predict that POET Technologies Inc. will post -0.45 earnings per share for the current year.

Institutional Trading of POET Technologies

Several institutional investors and hedge funds have recently modified their holdings of POET. Advisory Services Network LLC bought a new stake in POET Technologies in the 3rd quarter valued at $25,000. New Millennium Group LLC bought a new stake in POET Technologies in the 3rd quarter valued at $27,000. CoreCap Advisors LLC increased its holdings in POET Technologies by 1,967.2% in the 3rd quarter. CoreCap Advisors LLC now owns 5,168 shares of the company’s stock valued at $29,000 after acquiring an additional 4,918 shares during the last quarter. Quarry LP bought a new stake in POET Technologies in the 4th quarter valued at $29,000. Finally, SBI Securities Co. Ltd. increased 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 acquiring an additional 4,142 shares during the last quarter. 1.99% of the stock is currently owned by institutional investors.

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.