POET Technologies (NASDAQ:POET) Trading Up 10% - Here's What Happened

Key Points

• POET Technologies' stock rose by 10%, reaching a last traded price of $6.66, with an increase in trading volume by 20% from the daily average.
• Wall Street Zen recently lowered the company's rating from "hold" to "sell", although the average rating remains "Buy" with a price target of $6.25.
• The company reported a loss of ($0.21) earnings per share for the last quarter, missing analyst estimates and reflecting significant financial struggles.

Shares of POET Technologies Inc. (NASDAQ:POET - Get Free Report) were up 10% during trading on Thursday . The company traded as high as $6.70 and last traded at $6.66. Approximately 1,962,478 shares changed hands during trading, an increase of 20% from the average daily volume of 1,634,086 shares. The stock had previously closed at $6.05.

Wall Street Analyst Weigh In

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

POET Technologies Stock Up 2.7%

The company has a market capitalization of $563.82 million, a price-to-earnings ratio of -7.69 and a beta of 0.38. The stock has a 50 day moving average of $5.50 and a 200 day moving average of $4.78.

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

Institutional Investors Weigh In On POET Technologies

Institutional investors have recently bought and sold shares of the stock. Paragon Capital Management Ltd grew its holdings in POET Technologies by 438.4% during the first quarter. Paragon Capital Management Ltd now owns 579,300 shares of the company's stock worth $2,190,000 after buying an additional 471,700 shares in the last quarter. Bank of America Corp DE boosted its position in 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 worth $279,000 after purchasing an additional 45,789 shares during the last quarter. Tyler Stone Wealth Management boosted its position in POET Technologies by 24.1% in the first quarter. Tyler Stone Wealth Management now owns 349,800 shares of the company's stock worth $1,322,000 after purchasing an additional 68,000 shares during the last quarter. US Bancorp DE boosted its position in POET Technologies by 12,881.1% in the first quarter. US Bancorp DE now owns 28,169 shares of the company's stock worth $106,000 after purchasing an additional 27,952 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft purchased a new position in POET Technologies in the first quarter worth $47,000. 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.

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