POET Technologies (NASDAQ:POET) Downgraded to Sell Rating by Wall Street Zen

POET Technologies (NASDAQ:POET) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of POET Technologies in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company has a consensus rating of “Sell” and an average price target of $8.00.

POET Technologies Stock Performance

Shares of POET opened at $6.11 on Friday. POET Technologies has a one year low of $3.09 and a one year high of $9.41. The stock has a 50-day moving average price of $6.11 and a 200 day moving average price of $6.33. The company has a market capitalization of $806.65 million, a P/E ratio of -10.91 and a beta of 0.36.

POET Technologies (NASDAQ:POET) last posted its quarterly earnings data on Tuesday, March 31st. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.03). POET Technologies had a negative return on equity of 103.46% and a negative net margin of 6,625.16%.The business had revenue of $0.34 million for the quarter, compared to analysts’ expectations of $0.40 million. As a group, equities research analysts forecast that POET Technologies will post -0.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On POET Technologies

A number of hedge funds have recently bought and sold shares of the company. Advisory Services Network LLC bought a new stake in POET Technologies in the third quarter valued at about $25,000. New Millennium Group LLC bought a new position in POET Technologies during the 3rd quarter worth approximately $27,000. CoreCap Advisors LLC grew its position in shares of POET Technologies by 1,967.2% in the 3rd quarter. CoreCap Advisors LLC now owns 5,168 shares of the company’s stock worth $29,000 after acquiring an additional 4,918 shares in the last quarter. Quarry LP acquired a new position in shares of POET Technologies in the 4th quarter worth approximately $29,000. Finally, SBI Securities Co. Ltd. increased its holdings in shares of POET Technologies by 95.3% in the 3rd quarter. SBI Securities Co. Ltd. now owns 8,487 shares of the company’s stock valued at $47,000 after acquiring an additional 4,142 shares during the last quarter. 1.99% of the stock is currently owned by institutional investors and hedge funds.

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.