POET Technologies (NASDAQ:POET) Trading Up 7.6% - Here's What Happened

Key Points

• POET Technologies shares jumped 7.6% on Tuesday, trading as high as $8.62 before settling near $8.61. Trading volume was 6.99 million shares, well below its average session volume.
• Despite the rally, Wall Street sentiment remains bearish. The stock has a consensus rating of “Sell” and a consensus price target of $8.00 after recent downgrades and reiterated sell ratings.
• The company’s latest earnings showed mixed results: POET reported a smaller-than-expected loss per share, but revenue of $0.50 million still came in below some estimates and the company remains unprofitable.

POET Technologies Inc. (NASDAQ:POET - Get Free Report) shares shot up 7.6% on Tuesday . The stock traded as high as $8.62 and last traded at $8.6050. 6,991,068 shares changed hands during trading, a decline of 72% from the average session volume of 25,168,682 shares. The stock had previously closed at $8.00.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on POET shares. Wall Street Zen downgraded POET Technologies from a "hold" rating to a "sell" rating in a research note on Saturday, April 4th. Weiss Ratings reiterated a "sell (d-)" rating on shares of POET Technologies in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of "Sell" and a consensus target price of $8.00.

POET Technologies Trading Up 8.2%

The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -12.06 and a beta of 0.75. The company's 50 day simple moving average is $11.97 and its 200-day simple moving average is $8.64.

POET Technologies (NASDAQ:POET - Get Free Report) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.04). The firm had revenue of $0.50 million during the quarter, compared to analyst estimates of $0.25 million. POET Technologies had a negative net margin of 5,786.60% and a negative return on equity of 27.24%. Sell-side analysts anticipate that POET Technologies Inc. will post -0.24 EPS for the current year.

Institutional Investors Weigh In On POET Technologies

Hedge funds have recently made changes to their positions in the business. Private Advisor Group LLC purchased a new stake in shares of POET Technologies in the fourth quarter valued at $2,707,000. Raymond James Financial Inc. lifted its position in POET Technologies by 75.1% during the third quarter. Raymond James Financial Inc. now owns 413,333 shares of the company's stock worth $2,290,000 after buying an additional 177,341 shares during the period. Federation des caisses Desjardins du Quebec boosted its stake in POET Technologies by 33.6% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 618,604 shares of the company's stock worth $3,910,000 after buying an additional 155,428 shares during the last quarter. Jump Financial LLC acquired a new stake in POET Technologies in the 2nd quarter worth about $619,000. Finally, Counterpoint Mutual Funds LLC purchased a new stake in POET Technologies in the 1st quarter valued at about $598,000. Institutional investors and hedge funds own 1.99% of the company's stock.

About POET Technologies

POET Technologies Inc is a Canadian fabless semiconductor company focused on the development and commercialization of integrated silicon photonics platforms. Leveraging proprietary POET Optical Interposer™ technology, the company designs and manufactures optical input/output (I/O) solutions that enable high-bandwidth, low-power data transmission between electronic chips and fiber-optic networks. By integrating optical waveguides, lasers, detectors and electronic drivers onto a single chip, POET aims to address the growing demand for faster, more energy-efficient data connectivity in telecommunications, data centers and high-performance computing applications.

The company’s core products include silicon photonics interposer arrays, active optical cables and optical transceiver modules.

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