POET Technologies (NASDAQ:POET) Shares Gap Up – What’s Next?

POET Technologies Inc. (NASDAQ:POET)’s share price gapped up prior to trading on Monday. The stock had previously closed at $5.43, but opened at $5.73. POET Technologies shares last traded at $5.5050, with a volume of 1,174,373 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Wall Street Zen upgraded POET Technologies from a “sell” rating to a “hold” rating in a report on Sunday, October 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of POET Technologies in a research report on Thursday. One analyst has rated the stock with a Sell rating. According to MarketBeat.com, the company currently has a consensus rating of “Sell” and a consensus price target of $8.00.

POET Technologies Stock Performance

The company has a market cap of $862.17 million, a P/E ratio of -9.65 and a beta of 0.83. The business has a fifty day simple moving average of $7.72 and a 200 day simple moving average of $9.22.

POET Technologies (NASDAQ:POET) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.07). The firm had revenue of $0.57 million for the quarter, compared to analysts’ expectations of $0.50 million. POET Technologies had a negative return on equity of 11.65% and a negative net margin of 4,423.13%. During the same period last year, the business posted ($0.21) earnings per share. Equities research analysts expect that POET Technologies Inc. will post -0.28 EPS for the current year.

Institutional Trading of POET Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada lifted its position in shares of POET Technologies by 46.8% in the 1st quarter. Royal Bank of Canada now owns 182,682 shares of the company’s stock worth $1,085,000 after buying an additional 58,214 shares during the last quarter. Counterpoint Mutual Funds LLC bought a new stake in shares of POET Technologies during the 1st quarter valued at about $598,000. SummitTX Capital L.P. bought a new stake in shares of POET Technologies during the 1st quarter valued at about $452,000. Headlands Technologies LLC grew its holdings in shares of POET Technologies by 53.1% during the second quarter. Headlands Technologies LLC now owns 56,776 shares of the company’s stock valued at $584,000 after purchasing an additional 19,692 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its position in POET Technologies by 3,806.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 56,408 shares of the company’s stock worth $357,000 after buying an additional 54,964 shares during the period. 1.99% of the stock is owned by institutional investors and hedge funds.

About POET Technologies

POET Technologies Inc is a technology company that develops photonic and optoelectronic solutions for communications, data-center and artificial-intelligence applications. Its products are designed to help transmit and process data at high speeds while supporting lower power consumption and more compact system designs.

The company’s core technology is the POET Optical Interposer, a semiconductor-based platform that integrates optical and electronic components into a single package. This platform is used to develop optical engines and other solutions for fiber-optic communications, including applications involving data-center interconnects, high-performance computing and telecommunications networks.

POET Technologies works with manufacturing and industry partners to commercialize products based on its optical-interposer technology.