POET Technologies (NASDAQ:POET) Shares Gap Up - Here's What Happened

Key Points

• POET Technologies' share price increased from a previous close of $7.59 to open at $7.90 before trading at $7.44 with a volume of over 4.4 million shares.
• Analysts have a mixed outlook on POET Technologies, with one upgraded to a "hold," while the average rating remains a "Moderate Buy" with a target price of $6.25.
• The company reported a loss of $0.21 earnings per share in its last earnings announcement, missing estimates, and forecast a -0.45 EPS for the current fiscal year.

POET Technologies Inc. (NASDAQ:POET - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $7.59, but opened at $7.90. POET Technologies shares last traded at $7.44, with a volume of 4,467,192 shares traded.

Analysts Set New Price Targets

A number of equities analysts have issued reports on POET shares. Wall Street Zen upgraded shares of POET Technologies from a "sell" rating to a "hold" rating in a research report on Friday, October 3rd. Weiss Ratings reissued a "sell (d-)" rating on shares of POET Technologies in a research note on Wednesday, October 8th. One equities research 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's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $6.25.

POET Technologies Stock Up 1.3%

The business's fifty day moving average price is $5.97 and its 200 day moving average price is $5.20. The firm has a market capitalization of $697.21 million, a PE ratio of -9.52 and a beta of 0.37.

POET Technologies (NASDAQ:POET - Get Free Report) last announced 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 firm had revenue of $0.27 million for the quarter, compared to analyst estimates of $0.39 million. POET Technologies had a negative return on equity of 141.43% and a negative net margin of 11,497.01%. As a group, sell-side analysts forecast that POET Technologies Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Trading of POET Technologies

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

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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