POET Technologies (NASDAQ:POET) Posts Quarterly Earnings Results, Misses Expectations By $0.03 EPS

POET Technologies (NASDAQ:POET) posted its quarterly earnings data on Tuesday. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03), Zacks reports. The company had revenue of $0.34 million for the quarter, compared to the consensus estimate of $0.40 million. POET Technologies had a negative net margin of 6,625.16% and a negative return on equity of 103.46%.

POET Technologies Stock Performance

Shares of POET traded down $0.10 on Wednesday, hitting $5.85. 4,643,288 shares of the stock traded hands, compared to its average volume of 9,067,558. POET Technologies has a one year low of $3.09 and a one year high of $9.41. The company has a market capitalization of $771.66 million, a PE ratio of -8.20 and a beta of 0.36. The business has a 50 day simple moving average of $6.20 and a 200 day simple moving average of $6.33.

Analysts Set New Price Targets

POET has been the topic of several analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of POET Technologies in a report on Thursday, January 22nd. Northland Securities set a $8.00 price target on POET Technologies in a research report on Wednesday, December 3rd. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, POET Technologies has a consensus rating of “Sell” and an average target price of $8.00.

Institutional Trading of POET Technologies

A number of institutional investors and hedge funds have recently modified their holdings of POET. Advisory Services Network LLC bought a new position in shares of POET Technologies during the third quarter valued at $25,000. Quarry LP bought a new position in POET Technologies during the 4th quarter valued at about $29,000. Coldstream Capital Management Inc. purchased a new stake in shares of POET Technologies during the 3rd quarter valued at about $55,000. Boothbay Fund Management LLC bought a new stake in shares of POET Technologies in the fourth quarter worth approximately $93,000. Finally, Cetera Investment Advisers purchased a new position in shares of POET Technologies during the fourth quarter valued at approximately $99,000. Institutional investors 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.