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

Key Points

• POET saw unusually high intraday trading of about 14.37 million shares (compared with 17.05M the prior session), with the stock last trading near $7.69 after a $7.31 close.
• Analysts maintain a consensus Sell rating with an average target price of $8.00, following recent downgrades and a reaffirmed sell from Weiss Ratings and Wall Street Zen.
• The company has a market cap of roughly $939 million and a negative PE (-12.7); institutional ownership is low (~1.99%), though several funds (Raymond James, Desjardins, Private Advisor Group, Jump Financial, Counterpoint) have recently built or increased positions.

POET Technologies Inc. (NASDAQ:POET - Get Free Report) saw unusually-high trading volume on Monday . Approximately 14,372,229 shares traded hands during mid-day trading, a decline of 16% from the previous session's volume of 17,053,225 shares.The stock last traded at $7.6850 and had previously closed at $7.31.

Analyst Ratings Changes

POET has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed 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 report on Saturday, April 4th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, POET Technologies has a consensus rating of "Sell" and an average target price of $8.00.

POET Technologies Price Performance

The firm has a market cap of $938.68 million, a PE ratio of -12.70 and a beta of 0.53. The firm has a 50-day simple moving average of $6.99 and a 200 day simple moving average of $6.55.

Hedge Funds Weigh In On POET Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Private Advisor Group LLC purchased a new position in shares of POET Technologies in the 4th quarter worth about $2,707,000. Raymond James Financial Inc. raised its position in shares of POET Technologies by 75.1% in the 3rd quarter. Raymond James Financial Inc. now owns 413,333 shares of the company's stock worth $2,290,000 after purchasing an additional 177,341 shares during the last quarter. Federation des caisses Desjardins du Quebec raised its position in shares of POET Technologies by 33.6% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 618,604 shares of the company's stock worth $3,910,000 after purchasing an additional 155,428 shares during the last quarter. Jump Financial LLC purchased a new position in shares of POET Technologies in the 2nd quarter worth about $619,000. Finally, Counterpoint Mutual Funds LLC purchased a new position in shares of POET Technologies in the 1st quarter worth about $598,000. Hedge funds and other institutional investors own 1.99% of the company's stock.

About POET Technologies

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.

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