Millennium Management LLC Sells 23,670 Shares of POET Technologies Inc. (NASDAQ:POET)

Millennium Management LLC cut its holdings in shares of POET Technologies Inc. (NASDAQ:POET) by 46.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,750 shares of the company’s stock after selling 23,670 shares during the quarter. Millennium Management LLC’s holdings in POET Technologies were worth $165,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Polymer Capital Management US LLC acquired a new stake in shares of POET Technologies in the fourth quarter valued at about $77,000. JPMorgan Chase & Co. bought a new position in POET Technologies in the fourth quarter valued at approximately $94,000. TD Waterhouse Canada Inc. increased its position in shares of POET Technologies by 384.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 18,113 shares of the company’s stock worth $108,000 after purchasing an additional 14,373 shares during the last quarter. HighTower Advisors LLC bought a new stake in shares of POET Technologies during the 4th quarter worth approximately $116,000. Finally, EntryPoint Capital LLC acquired a new stake in shares of POET Technologies in the 4th quarter valued at approximately $119,000. 1.99% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of POET Technologies from a “strong sell” rating to a “hold” rating in a report on Thursday, May 22nd.

POET Technologies Stock Performance

Shares of NASDAQ:POET opened at $4.13 on Friday. POET Technologies Inc. has a 52-week low of $1.65 and a 52-week high of $7.79. The company has a market capitalization of $349.35 million, a P/E ratio of -7.00 and a beta of 0.25. The company has a 50-day simple moving average of $4.16 and a 200 day simple moving average of $4.53.

POET Technologies (NASDAQ:POET) last released its quarterly earnings data on Wednesday, May 21st. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.17. The business had revenue of $0.17 million during the quarter, compared to the consensus estimate of $0.56 million. As a group, equities analysts forecast that POET Technologies Inc. will post -0.45 earnings per share for the current year.

POET Technologies Profile

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.