POET Technologies (NASDAQ:POET) Stock Price Down 5.8% - Here's What Happened

Key Points

• POET shares fell about 5.8% intraday to roughly $6.80 (from $7.22) with ~3.03M shares traded, about 27% below the average session volume.
• The company reported an earnings miss — Q reported EPS of ($0.11) vs. ($0.09) expected and revenue of $0.30M vs. $0.55M expected, leaving ROE and net margin deeply negative.
• Analysts hold a consensus "Sell" rating with an average target of $8 (though Wall Street Zen moved to "Hold"), and institutional ownership remains low at about 1.99%.

POET Technologies Inc. (NASDAQ:POET - Get Free Report) shares traded down 5.8% during mid-day trading on Friday . The stock traded as low as $6.75 and last traded at $6.7980. 3,028,594 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 4,164,915 shares. The stock had previously closed at $7.22.

Analyst Upgrades and Downgrades

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

POET Technologies Stock Down 4.9%

The company's 50-day moving average price is $6.26 and its 200-day moving average price is $5.64. The firm has a market cap of $904.60 million, a price-to-earnings ratio of -9.53 and a beta of 0.46.

POET Technologies (NASDAQ:POET - Get Free Report) last released 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 return on equity of 103.46% and a negative net margin of 6,625.16%.The firm had revenue of $0.30 million for the quarter, compared to analysts' expectations of $0.55 million. On average, sell-side analysts predict that POET Technologies Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of POET. Advisory Services Network LLC purchased a new stake in shares of POET Technologies in the third quarter valued at approximately $25,000. New Millennium Group LLC acquired a new stake in shares of POET Technologies in the third quarter valued at approximately $27,000. CoreCap Advisors LLC increased its position in POET Technologies by 1,967.2% during the third quarter. CoreCap Advisors LLC now owns 5,168 shares of the company's stock worth $29,000 after buying an additional 4,918 shares in the last quarter. SBI Securities Co. Ltd. raised its stake in POET Technologies by 95.3% in the 3rd quarter. SBI Securities Co. Ltd. now owns 8,487 shares of the company's stock valued at $47,000 after purchasing an additional 4,142 shares during the last quarter. Finally, Coldstream Capital Management Inc. purchased a new position in shares of POET Technologies during the third quarter valued at approximately $55,000. 1.99% of the stock is currently owned by hedge funds and other 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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