POET Technologies (NASDAQ:POET) Stock Price Down 7.3% – What’s Next?

Shares of POET Technologies Inc. (NASDAQ:POET) dropped 7.3% on Thursday . The company traded as low as $7.63 and last traded at $7.6660. 4,250,484 shares traded hands during trading, a decline of 83% from the average session volume of 24,983,779 shares. The stock had previously closed at $8.27.

Analyst Ratings Changes

POET has been the topic of several recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research report on Tuesday, April 21st. Wall Street Zen lowered 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 MarketBeat.com, POET Technologies has an average rating of “Sell” and a consensus price target of $8.00.

POET Technologies Trading Down 8.9%

The company has a 50-day moving average price of $11.93 and a 200 day moving average price of $8.66. The stock has a market capitalization of $1.16 billion, a P/E ratio of -10.47 and a beta of 0.75.

POET Technologies (NASDAQ:POET) last released its earnings results on Thursday, May 14th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.04). POET Technologies had a negative return on equity of 27.24% and a negative net margin of 5,786.60%.The company had revenue of $0.50 million for the quarter, compared to analysts’ expectations of $0.25 million. As a group, research analysts expect that POET Technologies Inc. will post -0.24 earnings per share for the current year.

Hedge Funds Weigh In On POET Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC purchased a new stake in POET Technologies in the third quarter valued at $25,000. Quarry LP purchased a new stake in shares of POET Technologies in the fourth quarter valued at $29,000. Shelton Wealth Management LLC acquired a new stake in shares of POET Technologies during the first quarter valued at $59,000. Albion Financial Group UT increased its position in POET Technologies by 233.3% during the 4th 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 in the last quarter. Finally, PNC Financial Services Group Inc. acquired a new position in POET Technologies in the 1st quarter valued at about $59,000. Hedge funds and other 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.