POET Technologies (NASDAQ:POET) Stock Price Up 18.3% - What's Next?

POET Technologies Inc. (NASDAQ:POET - Get Free Report)'s share price shot up 18.3% during trading on Wednesday . The stock traded as high as $6.03 and last traded at $6.11. 2,625,027 shares changed hands during mid-day trading, an increase of 89% from the average session volume of 1,388,344 shares. The stock had previously closed at $5.16.

Analyst Upgrades and Downgrades

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

POET Technologies Stock Up 2.3%

The firm has a market capitalization of $611.82 million, a P/E ratio of -9.69 and a beta of 0.28. The firm has a 50 day moving average of $4.68 and a 200-day moving average of $4.55.

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

Institutional Investors Weigh In On POET Technologies

Institutional investors have recently made changes to their positions in the stock. Raymond James Financial Inc. bought a new stake in shares of POET Technologies in the fourth quarter valued at approximately $252,000. Paragon Capital Management Ltd boosted its stake in shares of POET Technologies by 438.4% in the first quarter. Paragon Capital Management Ltd now owns 579,300 shares of the company's stock valued at $2,190,000 after buying an additional 471,700 shares during the period. Bank of America Corp DE boosted its stake in shares of POET Technologies by 4,125.1% in the fourth quarter. Bank of America Corp DE now owns 46,899 shares of the company's stock valued at $279,000 after buying an additional 45,789 shares during the period. Jump Financial LLC bought a new stake in POET Technologies during the fourth quarter worth $1,834,000. Finally, HighTower Advisors LLC bought a new stake in POET Technologies during the fourth quarter worth $116,000. 1.99% of the stock is currently 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.