POET Technologies (NASDAQ:POET) Hits New 12-Month High – Here’s Why

Shares of POET Technologies Inc. (NASDAQ:POET) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $11.09 and last traded at $10.3520, with a volume of 25543900 shares trading hands. The stock had previously closed at $8.59.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Wall Street Zen lowered 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 note on Thursday, January 22nd. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has an average rating of “Sell” and an average target price of $8.00.

POET Technologies Stock Up 19.7%

The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -18.19 and a beta of 0.36. The business has a 50 day moving average price of $6.30 and a 200-day moving average price of $6.44.

POET Technologies (NASDAQ:POET) last posted its earnings results 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). POET Technologies had a negative net margin of 5,857.02% and a negative return on equity of 38.88%. The company had revenue of $0.34 million during the quarter, compared to analyst estimates of $0.40 million. Research analysts anticipate that POET Technologies Inc. will post -0.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On POET Technologies

A number of hedge funds have recently bought and sold shares of POET. Private Advisor Group LLC acquired a new stake in POET Technologies during the 4th quarter valued at approximately $2,707,000. Raymond James Financial Inc. increased its stake in shares of 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 buying an additional 177,341 shares during the last quarter. Federation des caisses Desjardins du Quebec increased its stake in shares of 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 buying an additional 155,428 shares during the last quarter. Jump Financial LLC bought a new stake in shares of POET Technologies in the second quarter worth $619,000. Finally, Sona Asset Management US LLC bought a new stake in shares of POET Technologies in the fourth quarter worth $633,000. 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.