POET Technologies (NASDAQ:POET) Shares Gap Down - Should You Sell?

Key Points

• POET Technologies shares fell sharply, opening at $8.78 versus a prior close of $9.40 and last trading near $8.80 on volume of about 2.54 million shares.
• Analyst sentiment remains weak: MarketBeat reports an average rating of “Sell” and a consensus price target of $8.00, although Wall Street Zen recently upgraded the stock to “Hold.”
• The company met quarterly EPS expectations at a loss of $0.07 per share and exceeded revenue estimates with $0.57 million, but it continues to report substantial losses, including a negative net margin of 4,423.13%.

POET Technologies Inc. (NASDAQ:POET - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $9.40, but opened at $8.78. POET Technologies shares last traded at $8.80, with a volume of 2,541,270 shares trading hands.

Analyst Ratings Changes

Several brokerages have recently issued reports on POET. Wall Street Zen raised POET Technologies from a "sell" rating to a "hold" rating in a report on Saturday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of POET Technologies in a report on Friday, July 17th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has an average rating of "Sell" and a consensus price target of $8.00.

POET Technologies Stock Performance

The firm's 50 day moving average is $9.19 and its 200-day moving average is $8.77. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of -14.79 and a beta of 0.81.

POET Technologies (NASDAQ:POET - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.07) EPS for the quarter, meeting the consensus estimate of ($0.07). The company had revenue of $0.57 million for the quarter, compared to analyst estimates of $0.50 million. POET Technologies had a negative net margin of 4,423.13% and a negative return on equity of 11.65%. During the same quarter last year, the business earned ($0.21) earnings per share. As a group, sell-side analysts forecast that POET Technologies Inc. will post -0.24 earnings per share for the current year.

Hedge Funds Weigh In On POET Technologies

Several institutional investors and hedge funds have recently modified their holdings of POET. Cedar Wealth Management LLC acquired a new position in POET Technologies in the 4th quarter worth about $421,000. SummitTX Capital L.P. acquired a new stake in POET Technologies in the first quarter valued at approximately $452,000. Counterpoint Mutual Funds LLC purchased a new stake in shares of POET Technologies in the first quarter valued at approximately $598,000. Caitong International Asset Management Co. Ltd increased its position in shares of POET Technologies by 3,806.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 56,408 shares of the company's stock valued at $357,000 after buying an additional 54,964 shares in the last quarter. Finally, Capital Financial Group Inc. Co. ADV acquired a new position in shares of POET Technologies during the 4th quarter worth approximately $73,000. 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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