POET Technologies (NASDAQ:POET) Stock Price Down 4.6% - Here's Why

POET Technologies Inc. (NASDAQ:POET - Get Free Report) was down 4.6% during trading on Tuesday . The company traded as low as $7.00 and last traded at $7.10. Approximately 1,228,264 shares changed hands during trading, a decline of 26% from the average daily volume of 1,661,502 shares. The stock had previously closed at $7.44.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded POET Technologies from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

POET Technologies Stock Performance

The firm has a market capitalization of $536.34 million, a P/E ratio of -8.47 and a beta of 0.28. The stock has a 50-day moving average of $4.92 and a 200 day moving average of $4.56.

POET Technologies (NASDAQ:POET - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The company reported $0.08 EPS for the quarter, beating analysts' consensus estimates of ($0.09) by $0.17. The firm had revenue of $0.17 million during the quarter, compared to the consensus estimate of $0.56 million. On average, equities analysts predict that POET Technologies Inc. will post -0.45 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Tyler Stone Wealth Management boosted its position in shares of POET Technologies by 24.1% in the 1st quarter. Tyler Stone Wealth Management now owns 349,800 shares of the company's stock worth $1,322,000 after purchasing an additional 68,000 shares during the last quarter. Strengthening Families & Communities LLC bought a new position in shares of POET Technologies in the 1st quarter worth $26,000. Virtu Financial LLC raised its stake in POET Technologies by 120.5% during the 1st quarter. Virtu Financial LLC now owns 47,351 shares of the company's stock worth $179,000 after buying an additional 25,879 shares during the period. US Bancorp DE raised its stake in POET Technologies by 12,881.1% during the 1st quarter. US Bancorp DE now owns 28,169 shares of the company's stock worth $106,000 after buying an additional 27,952 shares during the period. Finally, Baader Bank Aktiengesellschaft acquired a new stake in POET Technologies during the 1st quarter worth $47,000. 1.99% of the stock is currently owned by institutional investors.

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.