POET Technologies (NASDAQ:POET) Shares Up 7.4% - Here's What Happened

Key Points

• Shares rose 7.4% — POET traded as high as $7.55 and last at $7.665 on Wednesday, with about 3.46 million shares changing hands, roughly 45% below its average daily volume.
• Analysts remain cautious: the stock carries an average rating of "Sell" with a consensus price target of $8.00, though Wall Street Zen recently upgraded it to a "Hold" and Northland set an $8 target.
• Fundamentals show the company is still unprofitable — Q3 EPS of ($0.11) missed estimates, revenue was $0.30M, and POET reported an extremely negative net margin and return on equity, with a market cap of about $1.05 billion.

POET Technologies Inc. (NASDAQ:POET - Get Free Report) shares were up 7.4% on Wednesday . The company traded as high as $7.55 and last traded at $7.6650. Approximately 3,457,944 shares were traded during trading, a decline of 45% from the average daily volume of 6,268,209 shares. The stock had previously closed at $7.14.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on POET shares. Wall Street Zen raised shares of POET Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, November 16th. Weiss Ratings reiterated a "sell (d-)" rating on shares of POET Technologies in a research note on Wednesday, October 8th. Finally, Northland Securities set a $8.00 target price on POET Technologies in a report on Wednesday, December 3rd. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has an average rating of "Sell" and a consensus price target of $8.00.

POET Technologies Stock Performance

The stock has a market cap of $1.05 billion, a P/E ratio of -11.07 and a beta of 0.31. The company has a 50-day simple moving average of $5.98 and a 200-day simple moving average of $6.06.

POET Technologies (NASDAQ:POET - Get Free Report) last announced its earnings results on Thursday, November 13th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.02). POET Technologies had a negative net margin of 6,625.16% and a negative return on equity of 103.46%. The business had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.55 million. As a group, sell-side analysts expect that POET Technologies Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Trading of POET Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. MMCAP International Inc. SPC lifted its holdings in POET Technologies by 2,198.7% during the 2nd quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company's stock worth $30,710,000 after buying an additional 5,637,964 shares in the last quarter. Raymond James Financial Inc. boosted its holdings in POET Technologies by 75.1% in the third quarter. Raymond James Financial Inc. now owns 413,333 shares of the company's stock valued at $2,290,000 after acquiring an additional 177,341 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in POET Technologies in the second quarter worth about $855,000. Jump Financial LLC bought a new stake in shares of POET Technologies during the second quarter worth approximately $619,000. Finally, Virtu Financial LLC acquired a new position in POET Technologies in the third quarter valued at approximately $382,000. Institutional investors and hedge funds own 1.99% of the company's stock.

POET Technologies Company Profile

POET Technologies Inc is a Canadian fabless semiconductor company focused on the development and commercialization of integrated silicon photonics platforms. Leveraging proprietary POET Optical Interposer™ technology, the company designs and manufactures optical input/output (I/O) solutions that enable high-bandwidth, low-power data transmission between electronic chips and fiber-optic networks. By integrating optical waveguides, lasers, detectors and electronic drivers onto a single chip, POET aims to address the growing demand for faster, more energy-efficient data connectivity in telecommunications, data centers and high-performance computing applications.

The company’s core products include silicon photonics interposer arrays, active optical cables and optical transceiver modules.

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