POET Technologies (NASDAQ:POET) Stock Price Up 7.4% – Still a Buy?

Shares of POET Technologies Inc. (NASDAQ:POET) rose 7.4% during mid-day trading on Friday . The stock traded as high as $6.41 and last traded at $6.5290. Approximately 1,197,363 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 8,949,252 shares. The stock had previously closed at $6.08.

Analyst Upgrades and Downgrades

POET has been the topic of several recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research report on Thursday, January 22nd. Wall Street Zen cut POET Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, April 4th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has an average rating of “Sell” and a consensus target price of $8.00.

POET Technologies Stock Performance

The firm has a market cap of $929.42 million, a price-to-earnings ratio of -12.57 and a beta of 0.36. The business has a fifty day moving average of $6.11 and a two-hundred day moving average of $6.38.

POET Technologies (NASDAQ:POET) last released its quarterly earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). The firm had revenue of $0.34 million during the quarter, compared to analyst estimates of $0.40 million. POET Technologies had a negative return on equity of 38.88% and a negative net margin of 5,857.02%. On average, equities research analysts forecast that POET Technologies Inc. will post -0.45 earnings per share for the current year.

Institutional Investors Weigh In On POET Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd grew its holdings in shares of POET Technologies by 3,806.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 56,408 shares of the company’s stock worth $357,000 after acquiring an additional 54,964 shares during the period. Sona Asset Management US LLC acquired a new stake in shares of POET Technologies in the 4th quarter worth approximately $633,000. Oxford Asset Management LLP acquired a new stake in shares of POET Technologies in the 4th quarter worth approximately $171,000. Boothbay Fund Management LLC acquired a new stake in shares of POET Technologies in the 4th quarter worth approximately $93,000. Finally, Cetera Investment Advisers acquired a new stake in shares of POET Technologies in the 4th quarter worth approximately $99,000. Institutional investors and hedge funds own 1.99% of the company’s stock.

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.