POET Technologies (NASDAQ:POET) Shares Gap Up - Should You Buy?

Key Points

• POET Technologies shares opened at $6.26, slightly above the previous close of $5.94, trading at $6.24 with a volume of 1,612,429 shares.
• Analysts have downgraded the stock from a "hold" to a "sell" rating, with the consensus rating remaining at "Buy" and a price target of $6.25.
• For the latest quarter, POET Technologies reported earnings of ($0.21) EPS, missing expectations, alongside revenue of $0.27 million compared to anticipated $0.39 million.

POET Technologies Inc. (NASDAQ:POET - Get Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $5.94, but opened at $6.26. POET Technologies shares last traded at $6.24, with a volume of 1,612,429 shares changing hands.

Analyst Ratings Changes

Separately, Wall Street Zen lowered POET Technologies from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $6.25.

POET Technologies Stock Up 9.0%

The company has a market cap of $587.41 million, a PE ratio of -7.99 and a beta of 0.37. The stock has a 50-day simple moving average of $5.44 and a 200 day simple moving average of $4.85.

POET Technologies (NASDAQ:POET - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.10). The firm had revenue of $0.27 million during the quarter, compared to analysts' expectations of $0.39 million. POET Technologies had a negative net margin of 11,497.01% and a negative return on equity of 141.43%. As a group, research analysts anticipate that POET Technologies Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Strengthening Families & Communities LLC acquired a new position in POET Technologies during the 1st quarter worth $26,000. Sentry LLC acquired a new position in POET Technologies during the 1st quarter worth $38,000. Baader Bank Aktiengesellschaft acquired a new position in POET Technologies during the 1st quarter worth $47,000. Steward Partners Investment Advisory LLC grew its stake in POET Technologies by 390.4% during the 2nd 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 in the last quarter. Finally, Scotia Capital Inc. grew its stake in POET Technologies by 13.0% during the 2nd quarter. Scotia Capital Inc. now owns 18,295 shares of the company's stock worth $95,000 after purchasing an additional 2,100 shares in 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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