POET Technologies (NASDAQ:POET) Shares Gap Up - What's Next?

Key Points

• POET Technologies shares opened higher, rising from a prior close of $5.43 to $5.73 before trading around $5.51, with roughly 1.17 million shares changing hands.
• Analyst sentiment remains negative: Weiss Ratings reaffirmed a “sell” rating, while Wall Street Zen upgraded the stock to “hold.” MarketBeat reports a consensus “sell” rating and an average price target of $8.00.
• The company reported quarterly revenue of $0.57 million and an EPS loss of $0.07, in line with estimates. POET remains unprofitable, with analysts forecasting a full-year EPS loss of $0.28, while institutional investors own just 1.99% of its shares.

Shares of POET Technologies Inc. (NASDAQ:POET - Get Free Report) gapped up prior to trading on Monday. The stock had previously closed at $5.43, but opened at $5.73. POET Technologies shares last traded at $5.5050, with a volume of 1,174,373 shares traded.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on POET shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of POET Technologies in a report on Thursday. Wall Street Zen raised shares of POET Technologies from a "sell" rating to a "hold" rating in a report on Sunday, October 4th. One analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, the stock currently has a consensus rating of "Sell" and an average target price of $8.00.

POET Technologies Stock Performance

The firm has a market cap of $862.17 million, a price-to-earnings ratio of -9.65 and a beta of 0.83. The business has a fifty day moving average of $7.72 and a two-hundred day moving average of $9.22.

POET Technologies (NASDAQ:POET - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.07). The firm had revenue of $0.57 million during the quarter, compared to analysts' expectations of $0.50 million. POET Technologies had a negative return on equity of 11.65% and a negative net margin of 4,423.13%. During the same period in the previous year, the firm posted ($0.21) earnings per share. On average, equities research analysts forecast that POET Technologies Inc. will post -0.28 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Signal Advisors Wealth LLC purchased a new stake in shares of POET Technologies in the 3rd quarter worth about $129,000. Quintet Private Bank Europe S.A. grew its stake in POET Technologies by 220.0% in the 3rd quarter. Quintet Private Bank Europe S.A. now owns 8,000 shares of the company's stock valued at $60,000 after acquiring an additional 5,500 shares during the last quarter. Strong Retirement Solutions LLC acquired a new stake in POET Technologies in the 3rd quarter valued at about $129,000. IPG Investment Advisors LLC acquired a new position in POET Technologies during the second quarter worth about $149,000. Finally, Archford Capital Strategies LLC acquired a new position in shares of POET Technologies during the 2nd quarter worth approximately $103,000. Hedge funds and other institutional investors own 1.99% of the company's stock.

About POET Technologies

POET Technologies Inc is a technology company that develops photonic and optoelectronic solutions for communications, data-center and artificial-intelligence applications. Its products are designed to help transmit and process data at high speeds while supporting lower power consumption and more compact system designs.

The company's core technology is the POET Optical Interposer, a semiconductor-based platform that integrates optical and electronic components into a single package. This platform is used to develop optical engines and other solutions for fiber-optic communications, including applications involving data-center interconnects, high-performance computing and telecommunications networks.

POET Technologies works with manufacturing and industry partners to commercialize products based on its optical-interposer technology.

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