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

Key Points

• Trading spike: Volume surged 473% to 78,867,362 shares traded, with the stock last at $7.8490 versus the prior close of $15.10, indicating extreme intraday volatility.
• Analyst stance: POET carries a consensus "Sell" rating with a consensus target price of $8.00 after recent downgrades from firms including Weiss Ratings and Wall Street Zen.
• Weak fundamentals: The company reported Q1 EPS of -$0.09 (missing estimates of -$0.06) and revenue of $0.34M, with a deeply negative ROE and net margin and an expected full-year EPS of -0.21.

POET Technologies Inc. (NASDAQ:POET - Get Free Report) shares saw an uptick in trading volume on Monday . 78,867,362 shares changed hands during trading, an increase of 473% from the previous session's volume of 13,766,886 shares.The stock last traded at $7.8490 and had previously closed at $15.10.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on POET shares. Weiss Ratings reissued a "sell (d-)" rating on shares of POET Technologies in a research note on Tuesday, April 21st. Wall Street Zen lowered POET Technologies from a "hold" rating to a "sell" rating in a research note on Saturday, April 4th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, POET Technologies presently has a consensus rating of "Sell" and a consensus target price of $8.00.

POET Technologies Price Performance

The firm has a market cap of $1.02 billion, a price-to-earnings ratio of -13.81 and a beta of 0.36. The firm's fifty day moving average is $6.84 and its 200-day moving average is $6.58.

POET Technologies (NASDAQ:POET - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.03). POET Technologies had a negative return on equity of 38.88% and a negative net margin of 5,857.02%.The business had revenue of $0.34 million for the quarter, compared to analyst estimates of $0.40 million. As a group, equities research analysts anticipate that POET Technologies Inc. will post -0.21 EPS for the current year.

Institutional Investors Weigh In On POET Technologies

Hedge funds have recently added to or reduced their stakes in the business. Jump Financial LLC bought a new position in shares of POET Technologies during the 2nd quarter worth approximately $619,000. Raymond James Financial Inc. increased its stake in shares of POET Technologies by 253.1% in the 2nd 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 in the last quarter. Osaic Holdings Inc. increased its stake in shares of POET Technologies by 22.3% in the 2nd quarter. Osaic Holdings Inc. now owns 34,735 shares of the company's stock valued at $181,000 after acquiring an additional 6,340 shares in the last quarter. HBW Advisory Services LLC acquired a new position in shares of POET Technologies during the 3rd quarter valued at $57,000. Finally, CoreCap Advisors LLC lifted its position in shares of POET Technologies by 1,967.2% during the 3rd quarter. CoreCap Advisors LLC now owns 5,168 shares of the company's stock valued at $29,000 after acquiring an additional 4,918 shares during the period. 1.99% of the stock is currently owned by institutional investors.

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.

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.