MMCAP International Inc. SPC Sells 1,659,724 Shares of POET Technologies Inc. (NASDAQ:POET)

Key Points

• MMCAP International Inc. SPC has significantly reduced its stake in POET Technologies Inc. by 86.6%, now holding 256,420 shares after selling over 1.6 million shares.
• Other investors, including US Bancorp DE and Paragon Capital Management, made substantial changes to their holdings in POET Technologies, with US Bancorp increasing its position by 12,881.1%.
• Wall Street analysts upgraded POET Technologies from a "strong sell" to a "hold" rating, indicating a more optimistic outlook for the company.

MMCAP International Inc. SPC cut its holdings in shares of POET Technologies Inc. (NASDAQ:POET - Free Report) by 86.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 256,420 shares of the company's stock after selling 1,659,724 shares during the quarter. MMCAP International Inc. SPC owned 0.33% of POET Technologies worth $969,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Sentry LLC purchased a new stake in POET Technologies during the 1st quarter valued at $38,000. Baader Bank Aktiengesellschaft bought a new position in shares of POET Technologies during the first quarter valued at about $47,000. JPMorgan Chase & Co. purchased a new stake in shares of POET Technologies during the fourth quarter worth about $94,000. TD Waterhouse Canada Inc. grew its stake in shares of POET Technologies by 384.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 18,113 shares of the company's stock worth $108,000 after purchasing an additional 14,373 shares during the last quarter. Finally, US Bancorp DE increased its holdings in POET Technologies by 12,881.1% during the 1st quarter. US Bancorp DE now owns 28,169 shares of the company's stock valued at $106,000 after purchasing an additional 27,952 shares during the period. 1.99% of the stock is currently owned by institutional investors.

POET Technologies Price Performance

POET Technologies stock traded up $0.12 during mid-day trading on Wednesday, reaching $5.22. 1,216,627 shares of the company traded hands, compared to its average volume of 1,637,918. POET Technologies Inc. has a 52-week low of $2.52 and a 52-week high of $7.79. The firm has a market capitalization of $472.93 million, a price-to-earnings ratio of -6.44 and a beta of 0.32. The firm's 50 day moving average price is $5.38 and its 200 day moving average price is $4.60.

POET Technologies (NASDAQ:POET - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.10). POET Technologies had a negative net margin of 11,497.01% and a negative return on equity of 168.58%. The company had revenue of $0.27 million for the quarter, compared to analysts' expectations of $0.39 million. On average, sell-side analysts anticipate that POET Technologies Inc. will post -0.45 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised POET Technologies from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

About POET Technologies

POET Technologies Inc designs, develops, manufactures, and sells discrete and integrated opto-electronic solutions in Canada, the United States, Singapore, and China. It offers integration solutions based on the POET Optical Interposer, a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques.