POET Technologies (NASDAQ:POET) Shares Gap Down – What’s Next?

POET Technologies Inc. (NASDAQ:POET) shares gapped down prior to trading on Thursday . The stock had previously closed at $12.77, but opened at $11.82. POET Technologies shares last traded at $11.0330, with a volume of 9,727,821 shares.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on POET. Wall Street Zen lowered shares of POET Technologies from a “hold” rating to a “sell” rating in a report on Saturday, April 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of POET Technologies in a report on Tuesday. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, POET Technologies currently has a consensus rating of “Sell” and a consensus price target of $8.00.

POET Technologies Stock Down 7.4%

The company’s fifty day moving average price is $6.53 and its 200-day moving average price is $6.51. The stock has a market capitalization of $1.56 billion, a PE ratio of -21.14 and a beta of 0.36.

POET Technologies (NASDAQ:POET) last released its earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $0.34 million for the quarter, compared to analysts’ expectations of $0.40 million. Equities research analysts anticipate that POET Technologies Inc. will post -0.21 earnings per share for the current year.

Hedge Funds Weigh In On POET Technologies

A number of hedge funds have recently added to or reduced their stakes in the company. Coldstream Capital Management Inc. raised its holdings in POET Technologies by 34.7% in the 4th quarter. Coldstream Capital Management Inc. now owns 13,473 shares of the company’s stock worth $85,000 after acquiring an additional 3,473 shares during the last quarter. SBI Securities Co. Ltd. raised its holdings in POET Technologies by 95.3% in the 3rd quarter. SBI Securities Co. Ltd. now owns 8,487 shares of the company’s stock worth $47,000 after acquiring an additional 4,142 shares during the last quarter. Advisory Services Network LLC purchased a new position in POET Technologies in the 3rd quarter worth approximately $25,000. Quarry LP purchased a new position in POET Technologies in the 4th quarter worth approximately $29,000. Finally, CoreCap Advisors LLC raised its holdings in POET Technologies by 1,967.2% in the 3rd quarter. CoreCap Advisors LLC now owns 5,168 shares of the company’s stock worth $29,000 after acquiring an additional 4,918 shares during the last quarter. 1.99% of the stock is currently owned by hedge funds and other institutional investors.

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.