Shares of POET Technologies Inc. (NASDAQ:POET - Get Free Report) rose 18.3% on Wednesday . The stock traded as high as $6.03 and last traded at $6.11. Approximately 2,625,027 shares traded hands during trading, an increase of 89% from the average daily volume of 1,388,344 shares. The stock had previously closed at $5.16.
Wall Street Analysts Forecast Growth
Separately, Wall Street Zen raised POET Technologies from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd.
Get Our Latest Report on POET
POET Technologies Price Performance
The firm has a 50-day moving average price of $4.62 and a two-hundred day moving average price of $4.55. The company has a market capitalization of $598.16 million, a price-to-earnings ratio of -9.47 and a beta of 0.28.
POET Technologies (NASDAQ:POET - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The company reported $0.08 EPS for the quarter, beating the consensus estimate of ($0.09) by $0.17. The company had revenue of $0.17 million for the quarter, compared to analyst estimates of $0.56 million. On average, equities analysts predict that POET Technologies Inc. will post -0.45 EPS for the current year.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the stock. Tyler Stone Wealth Management lifted its position in shares of POET Technologies by 24.1% in the first quarter. Tyler Stone Wealth Management now owns 349,800 shares of the company's stock valued at $1,322,000 after buying an additional 68,000 shares during the last quarter. Strengthening Families & Communities LLC acquired a new stake in shares of POET Technologies in the first quarter valued at approximately $26,000. Virtu Financial LLC lifted its position in shares of POET Technologies by 120.5% in the first quarter. Virtu Financial LLC now owns 47,351 shares of the company's stock valued at $179,000 after buying an additional 25,879 shares during the last quarter. US Bancorp DE lifted its position in shares of POET Technologies by 12,881.1% in the first quarter. US Bancorp DE now owns 28,169 shares of the company's stock valued at $106,000 after buying an additional 27,952 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft acquired a new stake in shares of POET Technologies in the first quarter valued at approximately $47,000. 1.99% of the stock is owned by institutional investors and hedge funds.
About POET Technologies
(
Get Free Report)
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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