POET Technologies (NASDAQ:POET) Given "Sell (D-)" Rating at Weiss Ratings

Key Points

• POET Technologies has received a "Sell (D-)" rating from Weiss Ratings, impacting investor confidence.
• Despite a negative earnings report, a "Moderate Buy" consensus rating has emerged, with a price target of $6.25.
• Hedge funds have significantly increased their stakes in POET Technologies, with MMCAP International lifting its holdings by over 2,198% in the second quarter.

POET Technologies (NASDAQ:POET - Get Free Report)'s stock had its "sell (d-)" rating restated by Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

Separately, Wall Street Zen raised shares of POET Technologies from a "sell" rating to a "hold" rating in a report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $6.25.

POET Technologies Trading Up 17.0%

POET opened at $9.22 on Wednesday. POET Technologies has a 12-month low of $3.09 and a 12-month high of $9.22. The firm has a market capitalization of $836.47 million, a PE ratio of -11.38 and a beta of 0.37. The firm has a 50 day moving average of $5.56 and a two-hundred day moving average of $4.96.

POET Technologies (NASDAQ:POET - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.10). The firm had revenue of $0.27 million for the quarter, compared to analysts' expectations of $0.39 million. POET Technologies had a negative net margin of 11,497.01% and a negative return on equity of 141.43%. As a group, analysts predict that POET Technologies will post -0.45 EPS for the current fiscal year.

Hedge Funds Weigh In On POET Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in POET. MMCAP International Inc. SPC lifted its holdings in POET Technologies by 2,198.7% during the second quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company's stock valued at $30,710,000 after purchasing an additional 5,637,964 shares in the last quarter. Paragon Capital Management Ltd raised its position in shares of POET Technologies by 438.4% during the 1st quarter. Paragon Capital Management Ltd now owns 579,300 shares of the company's stock worth $2,190,000 after purchasing an additional 471,700 shares during the last quarter. Raymond James Financial Inc. raised its position in shares of POET Technologies by 253.1% during the 2nd 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 acquired a new position in shares of POET Technologies during the 2nd quarter worth about $855,000. Finally, Jump Financial LLC acquired a new position in shares of POET Technologies during the 2nd quarter worth about $619,000. 1.99% of the stock is owned by hedge funds and other institutional investors.

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.

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