MMCAP International Inc. SPC Cuts Stake in 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 POET Technologies Inc. (NASDAQ:POET - Free Report) by 86.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 256,420 shares of the company's stock after selling 1,659,724 shares during the period. MMCAP International Inc. SPC owned about 0.33% of POET Technologies worth $969,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in POET. US Bancorp DE increased its holdings in POET Technologies by 12,881.1% during the first quarter. US Bancorp DE now owns 28,169 shares of the company's stock worth $106,000 after buying an additional 27,952 shares during the last quarter. Baader Bank Aktiengesellschaft acquired a new position in shares of POET Technologies in the first quarter valued at approximately $47,000. Waddell & Associates LLC increased its stake in shares of POET Technologies by 55.2% in the first quarter. Waddell & Associates LLC now owns 41,346 shares of the company's stock valued at $156,000 after buying an additional 14,707 shares during the period. Sentry LLC acquired a new stake in POET Technologies during the 1st quarter valued at approximately $38,000. Finally, Paragon Capital Management Ltd increased its position in POET Technologies by 438.4% during the 1st quarter. Paragon Capital Management Ltd now owns 579,300 shares of the company's stock valued at $2,190,000 after purchasing an additional 471,700 shares during the period. 1.99% of the stock is currently owned by institutional investors and hedge funds.

POET Technologies Stock Performance

Shares of POET stock traded down $0.25 during trading hours on Thursday, hitting $4.97. 1,125,397 shares of the company were exchanged, compared to its average volume of 1,634,500. The firm has a market cap of $450.29 million, a P/E ratio of -6.13 and a beta of 0.32. POET Technologies Inc. has a fifty-two week low of $2.63 and a fifty-two week high of $7.79. The company has a 50 day simple moving average of $5.39 and a two-hundred day simple moving average of $4.61.

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

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of 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.