POET Technologies (NASDAQ:POET) Trading Up 9.2% - Here's What Happened

Key Points

• POET Technologies stock rose by 9.2% to $6.05 amid increased trading volume of approximately 2.5 million shares, significantly higher than its average daily volume.
• Analysts have a mixed outlook on the stock, with one analyst rating it as a Strong Buy, while recent reports have led to a downgrade from "hold" to "sell."
• The company reported an earnings per share (EPS) of ($0.21) for the last quarter, missing estimates and showing a substantial negative return on equity of 141.43%.

POET Technologies Inc. (NASDAQ:POET - Get Free Report)'s stock price rose 9.2% on Wednesday . The company traded as high as $5.99 and last traded at $6.05. Approximately 2,528,148 shares traded hands during trading, an increase of 47% from the average daily volume of 1,718,229 shares. The stock had previously closed at $5.54.

Analyst Upgrades and Downgrades

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

POET Technologies Stock Performance

The business has a fifty day moving average of $5.45 and a 200-day moving average of $4.84. The company has a market capitalization of $536.61 million, a P/E ratio of -7.30 and a beta of 0.38.

POET Technologies (NASDAQ:POET - Get Free Report) last issued 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 return on equity of 141.43% and a negative net margin of 11,497.01%.The firm had revenue of $0.27 million during the quarter, compared to the consensus estimate of $0.39 million. Sell-side analysts anticipate that POET Technologies Inc. will post -0.45 EPS for the current year.

Hedge Funds Weigh In On POET Technologies

Several large investors have recently bought and sold shares of POET. MMCAP International Inc. SPC lifted its stake in POET Technologies by 2,198.7% during the 2nd quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company's stock valued at $30,710,000 after acquiring an additional 5,637,964 shares in the last quarter. Paragon Capital Management Ltd lifted its stake in POET Technologies by 438.4% during the 1st quarter. Paragon Capital Management Ltd now owns 579,300 shares of the company's stock valued at $2,190,000 after acquiring an additional 471,700 shares in the last quarter. Raymond James Financial Inc. lifted 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 acquiring an additional 169,158 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of POET Technologies during the 2nd quarter valued at $855,000. Finally, Jump Financial LLC purchased a new stake in shares of POET Technologies during the 2nd quarter valued at $619,000. 1.99% of the stock is currently owned by institutional investors.

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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