POET Technologies (NASDAQ:POET) Trading Down 6.3% - What's Next?

Key Points

• POET Technologies' shares fell 6.3% to $5.80, with trading volume increasing by 131% compared to the average daily volume.
• Wall Street Zen downgraded POET Technologies from a "hold" to a "sell" rating, despite the company maintaining an average price target of $6.25 and a consensus rating of "Buy".
• The company reported a negative EPS of ($0.21), missing analyst estimates and indicating a significant negative net margin of 11,497.01% during its last earnings report.

Shares of POET Technologies Inc. (NASDAQ:POET - Get Free Report) dropped 6.3% on Friday . The company traded as low as $5.76 and last traded at $5.80. Approximately 3,885,927 shares were traded during trading, an increase of 131% from the average daily volume of 1,682,725 shares. The stock had previously closed at $6.19.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered POET Technologies from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. According to data from MarketBeat.com, POET Technologies currently has a consensus rating of "Buy" and an average price target of $6.25.

POET Technologies Stock Down 6.9%

The company has a market capitalization of $522.55 million, a price-to-earnings ratio of -7.11 and a beta of 0.38. The company has a 50 day simple moving average of $5.50 and a 200 day simple moving average of $4.80.

POET Technologies (NASDAQ:POET - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.10). POET Technologies had a negative net margin of 11,497.01% and a negative return on equity of 141.43%. The company had revenue of $0.27 million during the quarter, compared to analyst estimates of $0.39 million. On average, research analysts forecast that POET Technologies Inc. will post -0.45 EPS for the current fiscal year.

Institutional Investors Weigh In On POET Technologies

A number of large investors have recently modified their holdings of the stock. MMCAP International Inc. SPC grew its stake in shares of POET Technologies by 2,198.7% in the second quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company's stock valued at $30,710,000 after buying an additional 5,637,964 shares in the last quarter. Paragon Capital Management Ltd grew 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 in the last quarter. Tyler Stone Wealth Management grew its stake in POET Technologies by 24.1% during the 1st quarter. Tyler Stone Wealth Management now owns 349,800 shares of the company's stock valued at $1,322,000 after purchasing an additional 68,000 shares in the last quarter. Raymond James Financial Inc. grew its stake in POET Technologies by 253.1% during the 2nd quarter. Raymond James Financial Inc. now owns 235,992 shares of the company's stock valued at $1,230,000 after purchasing an additional 169,158 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in POET Technologies during the 2nd quarter valued at approximately $855,000. Institutional investors and hedge funds own 1.99% of the company's stock.

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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