POET Technologies (NASDAQ:POET) Announces Earnings Results, Beats Estimates By $0.01 EPS

POET Technologies (NASDAQ:POET) announced its quarterly earnings data on Thursday. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.01, Zacks reports. POET Technologies had a negative return on equity of 27.24% and a negative net margin of 5,786.60%.The firm had revenue of $0.57 million during the quarter, compared to analyst estimates of $0.50 million. During the same period in the previous year, the company earned ($0.21) earnings per share.

POET Technologies Price Performance

Shares of POET stock traded up $0.27 during trading hours on Thursday, reaching $9.14. The stock had a trading volume of 12,329,906 shares, compared to its average volume of 23,473,518. The firm has a market capitalization of $1.40 billion, a PE ratio of -12.70 and a beta of 0.81. The firm has a 50-day simple moving average of $9.42 and a 200-day simple moving average of $8.72. POET Technologies has a twelve month low of $3.87 and a twelve month high of $20.81.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Private Advisor Group LLC acquired a new stake in POET Technologies in the fourth quarter worth about $2,707,000. Raymond James Financial Inc. increased its stake in POET Technologies by 75.1% during the 3rd quarter. Raymond James Financial Inc. now owns 413,333 shares of the company’s stock valued at $2,290,000 after buying an additional 177,341 shares during the period. Federation des caisses Desjardins du Quebec raised its position in shares of POET Technologies by 33.6% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 618,604 shares of the company’s stock worth $3,910,000 after buying an additional 155,428 shares in the last quarter. Jump Financial LLC bought a new stake in shares of POET Technologies during the 2nd quarter worth about $619,000. Finally, Sona Asset Management US LLC acquired a new stake in shares of POET Technologies in the 4th quarter worth approximately $633,000. Institutional investors own 1.99% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a research report on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has an average rating of “Sell” and an average target price of $8.00.

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.