POET Technologies (NASDAQ:POET) Stock Rating Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of POET Technologies (NASDAQ:POET) from a hold rating to a sell rating in a research report report published on Saturday morning,Wall Street Zen reports.

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

POET Technologies Price Performance

POET Technologies stock opened at $7.77 on Friday. The firm’s 50 day simple moving average is $7.90 and its 200-day simple moving average is $9.13. The company has a market cap of $1.19 billion, a P/E ratio of -13.40 and a beta of 0.83. POET Technologies has a fifty-two week low of $3.87 and a fifty-two week high of $20.81.

POET Technologies (NASDAQ:POET) last released its quarterly 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). The business had revenue of $0.57 million for the quarter, compared to analyst estimates 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 business earned ($0.21) earnings per share. On average, analysts expect that POET Technologies will post -0.28 EPS for the current fiscal year.

Hedge Funds Weigh In On POET Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. SummitTX Capital L.P. acquired a new position in shares of POET Technologies in the 1st quarter valued at about $452,000. Counterpoint Mutual Funds LLC acquired a new stake in shares of POET Technologies during the first quarter worth approximately $598,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of POET Technologies by 3,806.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 56,408 shares of the company’s stock worth $357,000 after purchasing an additional 54,964 shares during the period. Shelton Wealth Management LLC purchased a new position in POET Technologies during the first quarter valued at approximately $59,000. Finally, IFP Advisors Inc purchased a new position in POET Technologies during the fourth quarter valued at approximately $83,000. 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 integrated circuits, optical engines and related semiconductor components for high-speed communications. Its products are designed to convert and transmit data using light, supporting applications in data centers, telecommunications networks, artificial intelligence infrastructure and high-performance computing.

The company’s technology is based on its Optical Interposer platform, which integrates electronic and photonic components into compact, scalable modules.