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

Key Points

• POET Technologies gapped down, opening at $11.82 from a $12.77 close and last trading near $11.03 on ~9.7 million shares, a decline of about 7.4%.
• Analysts hold a consensus Sell rating with an average price target of $8.00, including recent downgrades from Wall Street Zen and a reiterated sell from Weiss Ratings.
• The company reported quarterly EPS of ($0.09) versus ($0.06) expected and just $0.34M in revenue, showing very weak margins and negative returns, signaling strained fundamentals despite a market cap around $1.56 billion.

POET Technologies Inc. (NASDAQ:POET - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $12.77, but opened at $11.82. POET Technologies shares last traded at $11.0330, with a volume of 9,727,821 shares.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Wall Street Zen cut POET Technologies from a "hold" rating to a "sell" rating in a research note on Saturday, April 4th. Weiss Ratings reissued a "sell (d-)" rating on shares of POET Technologies in a research note on Tuesday. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has an average rating of "Sell" and a consensus price target of $8.00.

POET Technologies Stock Down 7.4%

The company's fifty day simple moving average is $6.53 and its 200 day simple moving average is $6.51. The firm has a market capitalization of $1.56 billion, a PE ratio of -21.14 and a beta of 0.36.

POET Technologies (NASDAQ:POET - Get Free Report) last issued its quarterly earnings data on Tuesday, March 31st. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). POET Technologies had a negative return on equity of 38.88% and a negative net margin of 5,857.02%.The company had revenue of $0.34 million during the quarter, compared to analysts' expectations of $0.40 million. Equities research analysts forecast that POET Technologies Inc. will post -0.21 EPS for the current year.

Institutional Trading of POET Technologies

Several institutional investors and hedge funds have recently bought and sold shares of POET. Jump Financial LLC purchased a new stake in POET Technologies in the second quarter worth about $619,000. Raymond James Financial Inc. lifted its holdings in POET Technologies by 253.1% in the second quarter. Raymond James Financial Inc. now owns 235,992 shares of the company's stock worth $1,230,000 after buying an additional 169,158 shares during the period. Osaic Holdings Inc. lifted its holdings in POET Technologies by 22.3% in the second 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. HBW Advisory Services LLC purchased a new stake in POET Technologies in the third quarter worth about $57,000. Finally, CoreCap Advisors LLC lifted its holdings in POET Technologies by 1,967.2% in the third quarter. CoreCap Advisors LLC now owns 5,168 shares of the company's stock worth $29,000 after buying an additional 4,918 shares during the period. 1.99% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.