POET Technologies (NASDAQ:POET) Trading Down 7% – What’s Next?

POET Technologies Inc. (NASDAQ:POET)’s stock price traded down 7% during mid-day trading on Wednesday . The stock traded as low as $6.17 and last traded at $6.3150. 7,639,343 shares were traded during mid-day trading, a decline of 25% from the average session volume of 10,143,973 shares. The stock had previously closed at $6.79.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Northland Securities set a $8.00 price objective on POET Technologies in a report on Wednesday, December 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a report on Thursday, January 22nd. Finally, Wall Street Zen raised shares of POET Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has an average rating of “Sell” and an average price target of $8.00.

POET Technologies Trading Down 2.5%

The business has a fifty day moving average price of $6.59 and a 200 day moving average price of $6.18.

POET Technologies (NASDAQ:POET) last announced its earnings results on Thursday, November 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The company had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.55 million. POET Technologies had a negative net margin of 6,625.16% and a negative return on equity of 103.46%. Sell-side analysts predict that POET Technologies Inc. will post -0.45 EPS for the current fiscal year.

Institutional Trading of POET Technologies

Several institutional investors have recently modified their holdings of the company. MMCAP International Inc. SPC grew its holdings in POET Technologies by 2,198.7% during the second quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company’s stock worth $30,710,000 after acquiring an additional 5,637,964 shares during the period. Raymond James Financial Inc. boosted its position in shares of POET Technologies by 75.1% during the 3rd quarter. Raymond James Financial Inc. now owns 413,333 shares of the company’s stock valued at $2,290,000 after purchasing an additional 177,341 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of POET Technologies in the 2nd quarter worth approximately $855,000. Jump Financial LLC bought a new stake in shares of POET Technologies in the 2nd quarter worth approximately $619,000. Finally, Aptus Capital Advisors LLC lifted its stake in POET Technologies by 8.0% during the third quarter. Aptus Capital Advisors LLC now owns 105,709 shares of the company’s stock valued at $586,000 after purchasing an additional 7,800 shares during the last quarter. 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.