POET Technologies (NASDAQ:POET) Sees Large Volume Increase - Here's What Happened

Key Points

• POET Technologies experienced a significant trading volume increase of 196%, with 5,321,269 shares traded compared to the previous session of 1,798,039 shares.
• The company currently has an average rating of "Moderate Buy" from analysts, with a target price of $6.25, while it recently recorded a earnings miss of ($0.21) per share against a consensus estimate of ($0.11).
• Institutional investors have significantly increased their stakes in POET Technologies, with Bank of America raising its holdings by 4,125.1% to own 46,899 shares.

Shares of POET Technologies Inc. (NASDAQ:POET - Get Free Report) saw an uptick in trading volume on Tuesday . 5,321,269 shares were traded during mid-day trading, an increase of 196% from the previous session's volume of 1,798,039 shares.The stock last traded at $6.89 and had previously closed at $6.38.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on POET. Weiss Ratings reissued a "sell (d-)" rating on shares of POET Technologies in a research note on Saturday, September 27th. Wall Street Zen raised shares of POET Technologies from a "sell" rating to a "hold" rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, POET Technologies currently has an average rating of "Moderate Buy" and an average target price of $6.25.

POET Technologies Price Performance

The stock's 50 day simple moving average is $5.45 and its two-hundred day simple moving average is $4.91. The firm has a market cap of $596.76 million, a P/E ratio of -8.17 and a beta of 0.37.

POET Technologies (NASDAQ:POET - Get Free Report) last announced 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 net margin of 11,497.01% and a negative return on equity of 141.43%. The business had revenue of $0.27 million for the quarter, compared to the consensus estimate of $0.39 million. Equities research analysts anticipate that POET Technologies Inc. will post -0.45 earnings per share for the current year.

Hedge Funds Weigh In On POET Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in POET. Bank of America Corp DE increased its stake in shares of POET Technologies by 4,125.1% during the fourth quarter. Bank of America Corp DE now owns 46,899 shares of the company's stock valued at $279,000 after purchasing an additional 45,789 shares in the last quarter. Paragon Capital Management Ltd increased its position in shares of POET Technologies by 438.4% during the first quarter. Paragon Capital Management Ltd now owns 579,300 shares of the company's stock valued at $2,190,000 after acquiring an additional 471,700 shares in the last quarter. Sentry LLC bought a new stake in shares of POET Technologies during the first quarter valued at approximately $38,000. Waddell & Associates LLC increased its position in shares of POET Technologies by 55.2% during the first quarter. Waddell & Associates LLC now owns 41,346 shares of the company's stock valued at $156,000 after acquiring an additional 14,707 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft bought a new stake in shares of POET Technologies during the first quarter valued at approximately $47,000. 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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