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

POET Technologies Inc. (NASDAQ:POET - Get Free Report)'s share price 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.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of POET Technologies from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

POET Technologies Stock Performance

The stock has a market cap of $530.35 million, a PE ratio of -8.37 and a beta of 0.28. The company's 50 day simple moving average is $4.92 and its 200 day simple moving average is $4.54.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of POET. Strengthening Families & Communities LLC bought a new position in POET Technologies in the 1st quarter valued at $26,000. Sentry LLC bought a new position in POET Technologies in the 1st quarter valued at $38,000. Tyler Stone Wealth Management boosted its holdings in POET Technologies by 4.0% in the 4th quarter. Tyler Stone Wealth Management now owns 281,800 shares of the company's stock valued at $1,677,000 after purchasing an additional 10,800 shares during the period. Baader Bank Aktiengesellschaft bought a new position in POET Technologies in the 1st quarter valued at $47,000. Finally, Polymer Capital Management US LLC bought a new position in POET Technologies in the 4th quarter valued at $77,000. 1.99% of the stock is owned by institutional investors.

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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