POET Technologies Inc. $POET Shares Sold by MMCAP International Inc. SPC

Key Points

• MMCAP International Inc. SPC cut its POET stake by 39.2% in Q3, selling 2,309,144 shares and retaining 3,585,240 shares (about 3.95% of POET), which is the firm's 10th-largest holding and represents 2.3% of MMCAP's portfolio.
• The analyst picture is mixed but weak overall: the consensus rating is "Sell" with a $8.00 price target, though Northland set an $8 target, Wall Street Zen upgraded to "Hold," and Weiss reiterated a "Sell (D-)."
• POET shares opened at $5.69, trade in a 12‑month range of $3.09–$9.41, have a market cap of about $751 million, and report a negative trailing P/E (-7.90).

MMCAP International Inc. SPC decreased its position in shares of POET Technologies Inc. (NASDAQ:POET - Free Report) by 39.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,585,240 shares of the company's stock after selling 2,309,144 shares during the period. POET Technologies comprises 2.3% of MMCAP International Inc. SPC's holdings, making the stock its 10th largest holding. MMCAP International Inc. SPC owned approximately 3.95% of POET Technologies worth $19,862,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in POET. Raymond James Financial Inc. lifted its stake in POET Technologies by 253.1% during the second quarter. Raymond James Financial Inc. now owns 235,992 shares of the company's stock worth $1,230,000 after purchasing an additional 169,158 shares during the last quarter. Quadrature Capital Ltd bought a new position in shares of POET Technologies in the 2nd quarter valued at $855,000. Jump Financial LLC acquired a new position in shares of POET Technologies during the 2nd quarter worth $619,000. TD Waterhouse Canada Inc. lifted its position in shares of POET Technologies by 563.9% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 41,678 shares of the company's stock worth $248,000 after buying an additional 35,400 shares during the last quarter. Finally, Marex Group plc acquired a new stake in POET Technologies in the second quarter valued at about $198,000. 1.99% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on POET. Northland Securities set a $8.00 target price on POET Technologies in a research note on Wednesday, December 3rd. Wall Street Zen raised shares of POET Technologies from a "sell" rating to a "hold" rating in a report on Sunday, November 16th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of POET Technologies in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of "Sell" and a consensus price target of $8.00.

POET Technologies Trading Up 2.2%

POET Technologies stock opened at $5.69 on Monday. The stock has a 50-day moving average price of $6.62 and a two-hundred day moving average price of $6.13. POET Technologies Inc. has a 12 month low of $3.09 and a 12 month high of $9.41. The company has a market capitalization of $751.19 million, a PE ratio of -7.90 and a beta of 0.37.

POET Technologies Profile

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.

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