POET Technologies (NASDAQ:POET) Shares Down 7.4% - What's Next?

Key Points

• POET Technologies shares fell 7.4% to $8.54 on Thursday, with trading volume significantly increasing to around 9.4 million shares.
• Analysts generally rate POET as a "Moderate Buy" with an average target price of $6.25, despite one analyst issuing a "Strong Buy" rating and another a "Sell" rating.
• In its latest earnings report, POET Technologies reported a loss of ($0.21) EPS, falling short of expectations and highlighting a negative net margin of 11,497.01%.

Shares of POET Technologies Inc. (NASDAQ:POET - Get Free Report) dropped 7.4% on Thursday . The stock traded as low as $8.61 and last traded at $8.54. Approximately 9,406,853 shares traded hands during mid-day trading, an increase of 308% from the average daily volume of 2,307,519 shares. The stock had previously closed at $9.22.

Wall Street Analysts Forecast Growth

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

POET Technologies Stock Down 4.3%

The company's fifty day moving average is $5.56 and its two-hundred day moving average is $4.96.

POET Technologies (NASDAQ:POET - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate 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 analysts predict that POET Technologies Inc. will post -0.45 EPS for the current fiscal year.

Institutional Trading of POET Technologies

Several hedge funds have recently added to or reduced their stakes in the business. Osaic Holdings Inc. raised its stake in POET Technologies by 22.3% during the 2nd quarter. Osaic Holdings Inc. now owns 34,735 shares of the company's stock worth $181,000 after buying an additional 6,340 shares during the period. Marex Group plc bought a new position in POET Technologies during the 2nd quarter worth about $198,000. Raymond James Financial Inc. increased its holdings in POET Technologies by 253.1% during the 2nd quarter. Raymond James Financial Inc. now owns 235,992 shares of the company's stock worth $1,230,000 after purchasing an additional 169,158 shares in the last quarter. Jump Financial LLC bought a new position in POET Technologies during the 2nd quarter worth about $619,000. Finally, Quadrature Capital Ltd bought a new position in POET Technologies during the 2nd quarter worth about $855,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.