POET Technologies (NASDAQ:POET) Stock Price Down 5.8% – Here’s What Happened

POET Technologies Inc. (NASDAQ:POET)’s stock price traded down 5.8% during trading on Monday. The company traded as low as $6.64 and last traded at $6.5670. Approximately 1,450,615 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 20,302,482 shares. The stock had previously closed at $6.97.

Analyst Upgrades and Downgrades

POET has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of POET Technologies in a research note on Friday, July 17th. Wall Street Zen upgraded shares of POET Technologies from a “sell” rating to a “hold” rating in a report on Sunday, October 4th. One equities research analyst has rated the stock with a Sell rating. According to data from MarketBeat, POET Technologies presently has an average rating of “Sell” and a consensus target price of $8.00.

POET Technologies Stock Down 1.4%

The company has a fifty day moving average of $7.89 and a 200-day moving average of $9.21.

POET Technologies (NASDAQ:POET) last posted its earnings results 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 for the quarter, compared to analyst estimates 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 quarter in the prior year, the company earned ($0.21) EPS. As a group, research analysts forecast that POET Technologies Inc. will post -0.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quintet Private Bank Europe S.A. lifted its holdings in POET Technologies by 220.0% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 8,000 shares of the company’s stock worth $60,000 after buying an additional 5,500 shares during the last quarter. TD Waterhouse Canada Inc. increased its holdings in shares of POET Technologies by 58.8% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 15,679 shares of the company’s stock valued at $152,000 after acquiring an additional 5,807 shares during the last quarter. Shelton Wealth Management LLC acquired a new stake in shares of POET Technologies during the 1st quarter worth about $59,000. PNC Financial Services Group Inc. acquired a new stake in shares of POET Technologies during the 1st quarter worth about $59,000. Finally, Archford Capital Strategies LLC acquired a new stake in shares of POET Technologies during the 2nd quarter worth about $103,000. Hedge funds and other institutional investors own 1.99% of the company’s stock.

POET Technologies Company Profile

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.