POET Technologies (NASDAQ:POET) Hits New 12-Month High - Time to Buy?

Key Points

• POET Technologies' stock reached a new 52-week high of $8.13, closing at $7.88, with a significant trading volume of over 38 million shares.
• Recent analyst activity includes a change from a "sell" to a "hold" rating by Wall Street Zen, while Weiss Ratings maintained a "sell (d-)" rating, leading to a consensus rating of "Moderate Buy" with a target price of $6.25.
• The company reported disappointing earnings, with a loss of ($0.21) earnings per share, compared to an expectation of ($0.11), alongside a negative return on equity and net margin.

Shares of POET Technologies Inc. (NASDAQ:POET - Get Free Report) reached a new 52-week high on Wednesday . The company traded as high as $8.13 and last traded at $7.88, with a volume of 38229544 shares traded. The stock had previously closed at $6.38.

Analyst Ratings Changes

POET has been the topic of several recent analyst reports. Wall Street Zen raised shares of POET Technologies from a "sell" rating to a "hold" rating in a report on Friday, October 3rd. Weiss Ratings reissued a "sell (d-)" rating on shares of POET Technologies in a research report on Saturday, September 27th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $6.25.

POET Technologies Stock Up 23.5%

The stock has a market capitalization of $714.87 million, a P/E ratio of -9.73 and a beta of 0.37. The company has a 50 day moving average of $5.49 and a 200-day moving average of $4.93.

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

Institutional Trading of POET Technologies

Several hedge funds have recently made changes to their positions in POET. Osaic Holdings Inc. boosted its position in POET Technologies by 22.3% during the 2nd quarter. Osaic Holdings Inc. now owns 34,735 shares of the company's stock valued at $181,000 after purchasing an additional 6,340 shares during the period. Marex Group plc bought a new stake in POET Technologies in the second quarter valued at $198,000. Raymond James Financial Inc. boosted its holdings in shares of POET Technologies by 253.1% during the second quarter. Raymond James Financial Inc. now owns 235,992 shares of the company's stock valued at $1,230,000 after acquiring an additional 169,158 shares during the period. Jump Financial LLC bought a new position in shares of POET Technologies during the second quarter worth about $619,000. Finally, Quadrature Capital Ltd bought a new position in shares of POET Technologies during the second quarter worth about $855,000. Institutional investors own 1.99% of the company's stock.

POET Technologies Company Profile

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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