POET Technologies (NASDAQ:POET) Upgraded to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen upgraded POET Technologies from “Sell” to “Hold,” while Weiss Ratings maintained a “Sell (D-)” rating. MarketBeat reports an overall consensus rating of “Sell” and a price target of $8.00.
• POET shares opened at $7.79, with a $1.20 billion market capitalization and a 52-week trading range of $3.87 to $20.81. The stock remains below its 200-day moving average of $9.15.
• For its latest quarter, POET reported a loss of $0.07 per share, in line with estimates, and revenue of $0.57 million versus expectations of $0.50 million. Institutional investors own approximately 1.99% of the company.

POET Technologies (NASDAQ:POET - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Sunday, Wall Street Zen reports.

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of POET Technologies in a report on Friday, July 17th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, POET Technologies has a consensus rating of "Sell" and a consensus price target of $8.00.

POET Technologies Stock Performance

Shares of POET opened at $7.79 on Friday. The firm has a market cap of $1.20 billion, a P/E ratio of -13.43 and a beta of 0.83. The business has a 50-day moving average of $7.90 and a 200 day moving average of $9.15. POET Technologies has a fifty-two week low of $3.87 and a fifty-two week high of $20.81.

POET Technologies (NASDAQ:POET - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.07) EPS for the quarter, meeting analysts' consensus estimates of ($0.07). The company had revenue of $0.57 million for the quarter, compared to analysts' expectations of $0.50 million. POET Technologies had a negative net margin of 4,423.13% and a negative return on equity of 11.65%. During the same period in the prior year, the company posted ($0.21) EPS. As a group, research analysts predict that POET Technologies will post -0.28 earnings per share for the current fiscal year.

Institutional Trading of POET Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada boosted its position in POET Technologies by 46.8% during the 1st quarter. Royal Bank of Canada now owns 182,682 shares of the company's stock valued at $1,085,000 after buying an additional 58,214 shares during the period. Counterpoint Mutual Funds LLC purchased a new stake in POET Technologies in the first quarter worth about $598,000. SummitTX Capital L.P. purchased a new position in shares of POET Technologies in the 1st quarter valued at approximately $452,000. Headlands Technologies LLC lifted its position in 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 buying an additional 19,692 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its holdings 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 purchasing an additional 54,964 shares during the period. Institutional investors own 1.99% of the company's stock.

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.

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