POET Technologies (NASDAQ:POET) Stock Price Up 9.1% – Should You Buy?

POET Technologies Inc. (NASDAQ:POET) shares shot up 9.1% during trading on Monday . The stock traded as high as $12.91 and last traded at $13.4120. 5,568,427 shares changed hands during trading, a decline of 78% from the average session volume of 25,114,844 shares. The stock had previously closed at $12.29.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on POET. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of POET Technologies in a report on Tuesday, April 21st. Wall Street Zen cut shares of POET Technologies from a “hold” rating to a “sell” rating in a report on Saturday, April 4th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company has an average rating of “Sell” and an average target price of $8.00.

POET Technologies Trading Up 14.1%

The firm has a market cap of $2.15 billion, a price-to-earnings ratio of -19.66 and a beta of 0.75. The company’s 50-day moving average is $9.62 and its 200-day moving average is $7.45.

POET Technologies (NASDAQ:POET) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.04). The firm had revenue of $0.50 million for the quarter, compared to analyst estimates of $0.25 million. POET Technologies had a negative return on equity of 27.24% and a negative net margin of 5,786.60%. Equities research analysts forecast that POET Technologies Inc. will post -0.21 EPS for the current year.

Institutional Trading of POET Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Cedar Wealth Management LLC acquired a new stake in POET Technologies in the fourth quarter valued at approximately $421,000. IFP Advisors Inc acquired a new stake in POET Technologies in the fourth quarter valued at approximately $83,000. SBI Securities Co. Ltd. boosted its position in POET Technologies by 531.7% in the fourth quarter. SBI Securities Co. Ltd. now owns 53,609 shares of the company’s stock valued at $339,000 after buying an additional 45,122 shares in the last quarter. Apollon Wealth Management LLC acquired a new stake in POET Technologies in the fourth quarter valued at approximately $127,000. Finally, Albion Financial Group UT lifted its holdings in shares of POET Technologies by 233.3% during the fourth quarter. Albion Financial Group UT now owns 10,000 shares of the company’s stock worth $63,000 after purchasing an additional 7,000 shares during the period. Institutional investors and hedge funds own 1.99% of the company’s stock.

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.