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

Key Points

• POET Technologies' stock gapped up from $6.00 to $6.58 before trading, but later settled at $6.14 with a trading volume of 1,784,188 shares.
• Wall Street analysts have mixed ratings, with one "Strong Buy," two "Buy," and a recent downgrade to "sell," while the consensus rating remains "Buy" with a target price of $6.25.
• The company reported a quarterly EPS of ($0.21), missing estimates, and had a market capitalization of $565.30 million with significant institutional investment increases in recent quarters.

POET Technologies Inc. (NASDAQ:POET - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $6.00, but opened at $6.58. POET Technologies shares last traded at $6.14, with a volume of 1,784,188 shares traded.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of POET Technologies from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th. One research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $6.25.

POET Technologies Stock Up 3.9%

The stock has a market capitalization of $565.30 million, a PE ratio of -7.70 and a beta of 0.38. The firm's fifty day moving average is $5.51 and its 200-day moving average is $4.77.

POET Technologies (NASDAQ:POET - Get Free Report) last posted its quarterly earnings results 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). POET Technologies had a negative return on equity of 141.43% and a negative net margin of 11,497.01%.The firm had revenue of $0.27 million for the quarter, compared to analysts' expectations of $0.39 million. On average, analysts expect that POET Technologies Inc. will post -0.45 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in POET. MMCAP International Inc. SPC grew its position in shares of POET Technologies by 2,198.7% in the second quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company's stock valued at $30,710,000 after purchasing an additional 5,637,964 shares during the last quarter. Paragon Capital Management Ltd raised its stake in POET Technologies by 438.4% during the first quarter. Paragon Capital Management Ltd now owns 579,300 shares of the company's stock worth $2,190,000 after purchasing an additional 471,700 shares during the period. Raymond James Financial Inc. raised its stake in POET Technologies by 253.1% during the second quarter. Raymond James Financial Inc. now owns 235,992 shares of the company's stock worth $1,230,000 after purchasing an additional 169,158 shares during the period. Quadrature Capital Ltd purchased a new position in POET Technologies during the second quarter worth approximately $855,000. Finally, Jump Financial LLC purchased a new position in shares of POET Technologies in the 2nd quarter valued at $619,000. 1.99% of the stock is currently 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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