POET Technologies (NASDAQ:POET) Stock Price Up 18.3% - Still a Buy?

POET Technologies Inc. (NASDAQ:POET - Get Free Report) shares shot up 18.3% during trading on Wednesday . The company 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 Ratings Changes

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

POET Technologies Price Performance

The business has a 50-day simple moving average of $4.62 and a 200 day simple moving average of $4.55. The firm has a market cap of $609.61 million, a PE ratio of -9.69 and a beta of 0.28.

POET Technologies (NASDAQ:POET - Get Free Report) last released its earnings results on Wednesday, May 21st. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.17. The business had revenue of $0.17 million for the quarter, compared to analysts' expectations of $0.56 million. On average, equities analysts forecast that POET Technologies Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Trading of POET Technologies

Institutional investors have recently made changes to their positions in the business. Strengthening Families & Communities LLC purchased a new stake in shares of POET Technologies during the first quarter worth about $26,000. Sentry LLC bought a new position in POET Technologies during the first quarter valued at approximately $38,000. Baader Bank Aktiengesellschaft bought a new position in POET Technologies during the first quarter valued at approximately $47,000. Polymer Capital Management US LLC bought a new position in POET Technologies during the fourth quarter valued at approximately $77,000. Finally, JPMorgan Chase & Co. bought a new position in POET Technologies during the fourth quarter valued at approximately $94,000. Hedge funds and other institutional investors own 1.99% of the company's stock.

POET Technologies Company Profile

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.