POET Technologies (NASDAQ:POET) Trading Down 6.7%

POET Technologies Inc. (NASDAQ:POET) traded down 6.7% during mid-day trading on Wednesday . The stock traded as low as $1.11 and last traded at $1.12. 114,837 shares were traded during trading, an increase of 41% from the average session volume of 81,240 shares. The stock had previously closed at $1.20.

POET Technologies Stock Performance

The company has a market capitalization of $54.01 million, a price-to-earnings ratio of -2.20 and a beta of 0.70. The business’s 50-day simple moving average is $1.33 and its 200-day simple moving average is $1.53.

POET Technologies (NASDAQ:POET) last announced its quarterly earnings results on Friday, March 15th. The company reported ($0.13) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.13). The firm had revenue of $0.11 million during the quarter. On average, analysts forecast that POET Technologies Inc. will post -0.47 earnings per share for the current year.

Institutional Investors Weigh In On POET Technologies

Several large investors have recently made changes to their positions in POET. JPMorgan Chase & Co. acquired a new stake in shares of POET Technologies during the first quarter worth $118,000. Royal Bank of Canada bought a new stake in shares of POET Technologies during the first quarter worth about $162,000. Virtu Financial LLC acquired a new position in shares of POET Technologies in the first quarter worth approximately $96,000. Finally, Citadel Advisors LLC acquired a new position in shares of POET Technologies in the second quarter worth approximately $47,000. Institutional investors and hedge funds own 1.99% of the company’s stock.

About POET Technologies

POET Technologies Inc designs, develops, manufactures, and sells discrete and integrated opto-electronic solutions in Canada, the United States, Singapore, and China. It offers integration solutions based on the POET Optical Interposer, a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques.