Private Advisor Group LLC Lowers Holdings in POET Technologies Inc. $POET

Key Points

• Private Advisor Group LLC slashed its POET Technologies stake by 96.4% in the first quarter, selling 412,246 shares and leaving it with 15,450 shares worth about $92,000.
• Other institutions were active in the stock, with some like Caitong International Asset Management sharply increasing holdings, but hedge funds and other institutional investors own just 1.99% of POET’s shares overall.
• Analysts remain cautious on POET Technologies: Wall Street Zen downgraded it to sell, Weiss Ratings reiterated a sell rating, and the consensus target price stands at $8.00.

Private Advisor Group LLC reduced its position in POET Technologies Inc. (NASDAQ:POET - Free Report) by 96.4% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 15,450 shares of the company's stock after selling 412,246 shares during the quarter. Private Advisor Group LLC's holdings in POET Technologies were worth $92,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd lifted its stake in shares of POET Technologies by 3,806.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 56,408 shares of the company's stock worth $357,000 after acquiring an additional 54,964 shares during the period. Sona Asset Management US LLC acquired a new position in shares of POET Technologies during the fourth quarter worth about $633,000. Oxford Asset Management LLP purchased a new position in POET Technologies during the fourth quarter worth about $171,000. Boothbay Fund Management LLC purchased a new position in POET Technologies during the fourth quarter worth about $93,000. Finally, Cetera Investment Advisers purchased a new position in POET Technologies during the fourth quarter worth about $99,000. Hedge funds and other institutional investors own 1.99% of the company's stock.

Wall Street Analysts Forecast Growth

POET has been the topic of a number of analyst reports. Wall Street Zen lowered POET Technologies from a "hold" rating to a "sell" rating in a report on Saturday, April 4th. Weiss Ratings reissued a "sell (d-)" rating on shares of POET Technologies in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has an average rating of "Sell" and a consensus target price of $8.00.

POET Technologies Stock Up 1.1%

NASDAQ:POET opened at $7.47 on Tuesday. POET Technologies Inc. has a fifty-two week low of $3.87 and a fifty-two week high of $20.81. The stock has a market cap of $1.15 billion, a PE ratio of -10.38 and a beta of 0.75. The firm's fifty day simple moving average is $11.69 and its 200-day simple moving average is $8.68.

POET Technologies (NASDAQ:POET - Get Free Report) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.04). The company had revenue of $0.50 million during the quarter, compared to analyst estimates of $0.25 million. POET Technologies had a negative net margin of 5,786.60% and a negative return on equity of 27.24%. Equities analysts anticipate that POET Technologies Inc. will post -0.24 earnings per share for the current year.

POET Technologies Company 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.

Want to see what other hedge funds are holding POET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for POET Technologies Inc. (NASDAQ:POET - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.