POET Technologies (NASDAQ:POET) Shares Up 8.2% – Here’s What Happened

POET Technologies Inc. (NASDAQ:POET) shares shot up 8.2% during trading on Friday . The company traded as high as $14.40 and last traded at $12.6840. 16,324,781 shares traded hands during trading, an increase of 35% from the average session volume of 12,080,418 shares. The stock had previously closed at $11.72.

Analysts Set New Price Targets

A number of brokerages have recently commented on POET. Wall Street Zen lowered POET Technologies from a “hold” rating to a “sell” rating in a report on Saturday, April 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of POET Technologies in a report on Tuesday. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell” and a consensus price target of $8.00.

POET Technologies Price Performance

The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of -26.96 and a beta of 0.36. The business has a fifty day moving average price of $6.84 and a 200 day moving average price of $6.60.

POET Technologies (NASDAQ:POET) last announced its earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.03). POET Technologies had a negative net margin of 5,857.02% and a negative return on equity of 38.88%. The firm had revenue of $0.34 million for the quarter, compared to the consensus estimate of $0.40 million. Research analysts anticipate that POET Technologies Inc. will post -0.21 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of POET. Private Advisor Group LLC bought a new position in POET Technologies during the fourth quarter valued at about $2,707,000. Raymond James Financial Inc. boosted its stake in POET Technologies by 75.1% during the third quarter. Raymond James Financial Inc. now owns 413,333 shares of the company’s stock valued at $2,290,000 after buying an additional 177,341 shares in the last quarter. Federation des caisses Desjardins du Quebec boosted its stake in POET Technologies by 33.6% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 618,604 shares of the company’s stock valued at $3,910,000 after buying an additional 155,428 shares in the last quarter. Jump Financial LLC bought a new position in POET Technologies during the second quarter valued at about $619,000. Finally, Sona Asset Management US LLC bought a new position in POET Technologies during the fourth quarter valued at about $633,000. Institutional investors 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.