POET Technologies (NASDAQ:POET) Shares Gap Up - Still a Buy?

POET Technologies Inc. (NASDAQ:POET - Get Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $6.58, but opened at $6.83. POET Technologies shares last traded at $6.06, with a volume of 1,446,755 shares.

Analyst Upgrades and Downgrades

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 Trading Down 2.7%

The stock has a market cap of $519.14 million, a P/E ratio of -8.20 and a beta of 0.28. The business's 50 day moving average price is $5.08 and its two-hundred day moving average price is $4.57.

POET Technologies (NASDAQ:POET - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.17. The firm had revenue of $0.17 million for the quarter, compared to the consensus estimate of $0.56 million. As a group, analysts expect that POET Technologies Inc. will post -0.45 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Strengthening Families & Communities LLC purchased a new stake in POET Technologies during the 1st quarter valued at about $26,000. Sentry LLC purchased a new position in POET Technologies in the 1st quarter worth approximately $38,000. Baader Bank Aktiengesellschaft purchased a new stake in POET Technologies during the 1st quarter valued at $47,000. Polymer Capital Management US LLC purchased a new position in shares of POET Technologies in the fourth quarter worth $77,000. Finally, JPMorgan Chase & Co. bought a new position in shares of POET Technologies during the fourth quarter valued at $94,000. Institutional investors own 1.99% of the company's stock.

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.