POET Technologies (NASDAQ:POET) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• POET Technologies experienced a significant increase in trading volume, with 7,851,458 shares traded, marking a 165% rise from the prior session.
• Research ratings for the stock vary, with one analyst giving a Strong Buy rating, while Weiss Ratings issued a "sell" rating, and the overall consensus on MarketBeat is a "Moderate Buy" with an average target price of $6.25.
• The company reported an earnings per share (EPS) of ($0.21) for the last quarter, missing estimates and indicating ongoing financial struggles.

POET Technologies Inc. (NASDAQ:POET - Get Free Report) saw strong trading volume on Monday . 7,851,458 shares changed hands during mid-day trading, an increase of 165% from the previous session's volume of 2,957,609 shares.The stock last traded at $7.64 and had previously closed at $7.02.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of POET Technologies in a research note on Wednesday, October 8th. Wall Street Zen raised POET Technologies from a "sell" rating to a "hold" rating in a research note on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $6.25.

POET Technologies Price Performance

The stock's 50-day moving average is $5.93 and its 200 day moving average is $5.18. The stock has a market cap of $688.56 million, a price-to-earnings ratio of -9.37 and a beta of 0.37.

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

Institutional Investors Weigh In On POET Technologies

Several institutional investors have recently modified their holdings of POET. Strengthening Families & Communities LLC purchased a new position in POET Technologies in the 1st quarter valued at approximately $26,000. HBW Advisory Services LLC purchased a new position in POET Technologies during the 3rd quarter valued at about $57,000. Baader Bank Aktiengesellschaft acquired a new position in POET Technologies during the first quarter worth about $47,000. Steward Partners Investment Advisory LLC grew its position in shares of POET Technologies by 390.4% in the second quarter. Steward Partners Investment Advisory LLC now owns 13,520 shares of the company's stock valued at $70,000 after purchasing an additional 10,763 shares during the last quarter. Finally, Scotia Capital Inc. increased its stake in shares of POET Technologies by 13.0% during the 2nd quarter. Scotia Capital Inc. now owns 18,295 shares of the company's stock worth $95,000 after purchasing an additional 2,100 shares in the last quarter. Hedge funds and other institutional investors own 1.99% of the company's stock.

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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