POET Technologies (NASDAQ:POET) Stock Price Up 10% – Still a Buy?

POET Technologies Inc. (NASDAQ:POET) shares were up 10% during trading on Tuesday . The stock traded as high as $8.66 and last traded at $8.7150. 10,420,408 shares changed hands during trading, a decline of 53% from the average daily volume of 22,017,029 shares. The stock had previously closed at $7.92.

Analyst Upgrades and Downgrades

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

POET Technologies Stock Down 3.4%

The stock’s 50 day moving average price is $8.05 and its 200-day moving average price is $9.03. The stock has a market capitalization of $1.19 billion, a P/E ratio of -13.32 and a beta of 0.83.

POET Technologies (NASDAQ:POET) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.07) EPS for the quarter, hitting analysts’ consensus estimates of ($0.07). The company 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 4,423.13% and a negative return on equity of 11.65%. During the same quarter in the previous year, the firm posted ($0.21) earnings per share. Analysts anticipate that POET Technologies Inc. will post -0.28 earnings per share for the current year.

Institutional Investors Weigh In On POET Technologies

Hedge funds have recently made changes to their positions in the stock. Cedar Wealth Management LLC acquired a new position in shares of POET Technologies during the fourth quarter worth $421,000. SummitTX Capital L.P. purchased a new position in POET Technologies during the 1st quarter worth $452,000. Counterpoint Mutual Funds LLC acquired a new position in POET Technologies during the 1st quarter valued at about $598,000. Caitong International Asset Management Co. Ltd increased its position in POET Technologies by 3,806.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 56,408 shares of the company’s stock valued at $357,000 after buying an additional 54,964 shares in the last quarter. Finally, Royal Bank of Canada raised its stake in POET Technologies by 46.8% in the first quarter. Royal Bank of Canada now owns 182,682 shares of the company’s stock valued at $1,085,000 after buying an additional 58,214 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.