POET Technologies (NASDAQ:POET) Shares Down 8.1% - Here's Why

POET Technologies Inc. (NASDAQ:POET - Get Free Report)'s share price fell 8.1% during mid-day trading on Monday . The stock traded as low as $5.11 and last traded at $5.30. 3,105,868 shares traded hands during trading, an increase of 93% from the average session volume of 1,608,282 shares. The stock had previously closed at $5.77.

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 Stock Down 2.6%

The firm has a market cap of $437.62 million, a price-to-earnings ratio of -6.97 and a beta of 0.28. The business has a 50 day moving average of $4.50 and a 200 day moving average of $4.52.

POET Technologies (NASDAQ:POET - Get Free Report) last announced its earnings results on Wednesday, May 21st. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.09) by $0.17. The firm had revenue of $0.17 million for the quarter, compared to analyst estimates of $0.56 million. Research analysts predict that POET Technologies Inc. will post -0.45 earnings per share for the current year.

Institutional Trading of POET Technologies

A number of hedge funds have recently bought and sold shares of the company. Strengthening Families & Communities LLC acquired a new stake in POET Technologies during the first quarter worth approximately $26,000. Sentry LLC purchased a new stake in POET Technologies during the 1st quarter worth $38,000. Tyler Stone Wealth Management increased its stake in POET Technologies by 4.0% during the 4th quarter. Tyler Stone Wealth Management now owns 281,800 shares of the company's stock worth $1,677,000 after buying an additional 10,800 shares during the period. Baader Bank Aktiengesellschaft purchased a new stake in POET Technologies during the 1st quarter worth $47,000. Finally, Polymer Capital Management US LLC acquired a new stake in shares of POET Technologies in the 4th quarter valued at about $77,000. Institutional investors and hedge funds 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.