POET Technologies (NASDAQ:POET) Releases Earnings Results, Beats Estimates By $0.01 EPS

POET Technologies (NASDAQ:POET) posted its quarterly earnings results on Thursday. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.01, Zacks reports. The business had revenue of $0.57 million during the quarter, compared to the consensus estimate of $0.50 million. POET Technologies had a negative net margin of 5,786.60% and a negative return on equity of 27.24%. During the same quarter last year, the firm posted ($0.21) EPS.

POET Technologies Stock Performance

POET traded up $0.19 during midday trading on Thursday, reaching $9.06. 13,064,942 shares of the company were exchanged, compared to its average volume of 23,476,664. The company’s fifty day moving average price is $9.42 and its 200 day moving average price is $8.72. The company has a market cap of $1.39 billion, a price-to-earnings ratio of -12.57 and a beta of 0.81. POET Technologies has a one year low of $3.87 and a one year high of $20.81.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Sona Asset Management US LLC bought a new stake in POET Technologies during the fourth quarter worth $633,000. Oxford Asset Management LLP purchased a new position in POET Technologies during the 4th quarter worth $171,000. Boothbay Fund Management LLC purchased a new position in POET Technologies during the 4th quarter worth $93,000. Cetera Investment Advisers bought a new stake in shares of POET Technologies in the 4th quarter worth $99,000. Finally, Private Advisor Group LLC bought a new stake in shares of POET Technologies in the 4th quarter worth $2,707,000. Hedge funds and other institutional investors own 1.99% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of POET Technologies in a research note on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has an average rating of “Sell” and a consensus target price of $8.00.

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.