POET Technologies (NASDAQ:POET) Trading Down 13.7% – Here’s What Happened

POET Technologies Inc. (NASDAQ:POET) was down 13.7% during trading on Wednesday . The company traded as low as $7.00 and last traded at $6.9270. Approximately 12,649,325 shares were traded during trading, a decline of 21% from the average daily volume of 16,014,655 shares. The stock had previously closed at $8.03.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on POET shares. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research note on Tuesday, April 21st. Wall Street Zen cut shares of POET Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, April 4th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has an average rating of “Sell” and a consensus price target of $8.00.

POET Technologies Price Performance

The stock has a market cap of $940.00 million, a P/E ratio of -12.71 and a beta of 0.36. The firm’s 50-day moving average price is $6.99 and its 200-day moving average price is $6.58.

Institutional Investors Weigh In On POET Technologies

Several institutional investors and hedge funds have recently modified their holdings of POET. Coldstream Capital Management Inc. increased its position in POET Technologies by 34.7% in the fourth quarter. Coldstream Capital Management Inc. now owns 13,473 shares of the company’s stock worth $85,000 after purchasing an additional 3,473 shares during the last quarter. SBI Securities Co. Ltd. increased its position in POET Technologies by 95.3% during the third 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. Advisory Services Network LLC bought a new position in POET Technologies during the third quarter valued at $25,000. Quarry LP bought a new position in POET Technologies during the fourth quarter valued at $29,000. Finally, CoreCap Advisors LLC increased its position in POET Technologies by 1,967.2% during the third 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. Institutional investors own 1.99% of the company’s stock.

About POET Technologies

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.