Paragon Capital Management Ltd Sells 100,500 Shares of POET Technologies Inc. $POET

Paragon Capital Management Ltd decreased its position in POET Technologies Inc. (NASDAQ:POET) by 21.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 371,220 shares of the company’s stock after selling 100,500 shares during the period. POET Technologies accounts for 0.7% of Paragon Capital Management Ltd’s investment portfolio, making the stock its 21st biggest holding. Paragon Capital Management Ltd owned 0.24% of POET Technologies worth $3,816,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of POET. Advisory Services Network LLC purchased a new position in shares of POET Technologies in the 3rd quarter worth approximately $25,000. Quarry LP purchased a new stake in shares of POET Technologies during the fourth quarter valued at approximately $29,000. PNC Financial Services Group Inc. purchased a new stake in shares of POET Technologies during the first quarter valued at approximately $59,000. Shelton Wealth Management LLC bought a new stake in POET Technologies during the first quarter worth $59,000. Finally, Coldstream Capital Management Inc. bought a new stake in POET Technologies during the third quarter worth $55,000. Institutional investors own 1.99% of the company’s stock.

POET Technologies Trading Up 4.9%

Shares of NASDAQ POET traded up $0.39 during midday trading on Tuesday, hitting $8.31. The company’s stock had a trading volume of 17,864,347 shares, compared to its average volume of 22,064,404. The stock has a fifty day moving average price of $8.09 and a 200 day moving average price of $9.01. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of -14.33 and a beta of 0.83. POET Technologies Inc. has a one year low of $3.87 and a one year high of $20.81.

POET Technologies (NASDAQ:POET) last issued its earnings results on Thursday, August 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.07). POET Technologies had a negative net margin of 4,423.13% and a negative return on equity of 11.65%. The business had revenue of $0.57 million for the quarter, compared to analysts’ expectations of $0.50 million. During the same quarter in the previous year, the firm posted ($0.21) EPS. On average, equities research analysts predict that POET Technologies Inc. will post -0.28 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on POET. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research note on Friday, July 17th. Wall Street Zen upgraded POET Technologies from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has a consensus rating of “Sell” and an average target price of $8.00.

POET Technologies Company Profile

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.