POET Technologies (NASDAQ:POET) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of POET Technologies (NASDAQ:POET) from a hold rating to a sell rating in a research report released on Saturday morning.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research note on Thursday, January 22nd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Sell” and a consensus price target of $8.00.

POET Technologies Stock Down 0.5%

POET opened at $6.08 on Friday. The firm has a market capitalization of $802.69 million, a P/E ratio of -10.86 and a beta of 0.36. The firm’s 50 day moving average is $6.10 and its 200-day moving average is $6.36. POET Technologies has a 52-week low of $3.09 and a 52-week high of $9.41.

POET Technologies (NASDAQ:POET) last posted its quarterly earnings data on Tuesday, March 31st. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). The firm had revenue of $0.34 million for the quarter, compared to analysts’ expectations of $0.40 million. POET Technologies had a negative net margin of 6,625.16% and a negative return on equity of 103.46%. Equities analysts expect that POET Technologies will post -0.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On POET Technologies

A number of hedge funds have recently added to or reduced their stakes in POET. Private Advisor Group LLC acquired a new position in shares of POET Technologies during the fourth quarter valued at $2,707,000. Raymond James Financial Inc. raised its position in POET Technologies by 75.1% in the third quarter. Raymond James Financial Inc. now owns 413,333 shares of the company’s stock worth $2,290,000 after acquiring an additional 177,341 shares in the last quarter. Federation des caisses Desjardins du Quebec raised its position in POET Technologies by 33.6% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 618,604 shares of the company’s stock worth $3,910,000 after acquiring an additional 155,428 shares in the last quarter. Jump Financial LLC bought a new stake in POET Technologies in the second quarter worth about $619,000. Finally, Sona Asset Management US LLC acquired a new stake in POET Technologies during the 4th quarter worth about $633,000. Institutional investors and hedge funds own 1.99% of the company’s stock.

POET Technologies Company Profile

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.