POET Technologies (NASDAQ:POET) Sees Unusually-High Trading Volume - Here's Why
POET Technologies (NASDAQ:POET) experienced a 22% increase in trading volume, with shares last trading at $6.2350. Analysts have mixed ratings, with a recent upgrade to 'hold' and a target price of $8.00. The company reported a quarterly loss, missing estimates, and has a negative net margin. Institutional investors have adjusted their positions, with significant increases in holdings. Despite the current 'sell' rating, analysts suggest other stocks as better investments.
POET Technologies Inc. (NASDAQ:POET - Get Free Report) shares saw unusually-high trading volume on Thursday . Approximately 4,913,235 shares traded hands during mid-day trading, an increase of 22% from the previous session's volume of 4,025,387 shares.The stock last traded at $6.2350 and had previously closed at $6.01.
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Wall Street Analysts Forecast Growth
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A number of brokerages have issued reports on POET. Wall Street Zen upgraded shares of POET Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, November 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of POET Technologies in a report on Wednesday, October 8th. Finally, Northland Securities set a $8.00 target price on POET Technologies in a research note on Wednesday. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company has an average rating of "Sell" and an average target price of $8.00.
Read Our Latest Research Report on POET
POET Technologies Stock Up 7.2%
The business's 50 day simple moving average is $6.17 and its two-hundred day simple moving average is $5.55. The stock has a market cap of $584.69 million, a P/E ratio of -8.96 and a beta of 0.46.
POET Technologies (NASDAQ:POET - Get Free Report) last released its quarterly earnings data on Thursday, November 13th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.55 million. POET Technologies had a negative net margin of 6,625.16% and a negative return on equity of 103.46%. As a group, research analysts forecast that POET Technologies Inc. will post -0.45 earnings per share for the current fiscal year.
Institutional Trading of POET Technologies
Hedge funds and other institutional investors have recently made changes to their positions in the company. MMCAP International Inc. SPC raised its holdings in POET Technologies by 2,198.7% in the 2nd quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company's stock valued at $30,710,000 after buying an additional 5,637,964 shares during the last quarter. Raymond James Financial Inc. increased its position in POET Technologies by 75.1% in the 3rd quarter. Raymond James Financial Inc. now owns 413,333 shares of the company's stock valued at $2,290,000 after acquiring an additional 177,341 shares during the period. Tyler Stone Wealth Management raised its stake in shares of POET Technologies by 24.1% during the first quarter. Tyler Stone Wealth Management now owns 349,800 shares of the company's stock valued at $1,322,000 after acquiring an additional 68,000 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of POET Technologies during the second quarter worth $855,000. Finally, Jump Financial LLC acquired a new position in shares of POET Technologies during the second quarter worth $619,000. 1.99% of the stock is currently owned by institutional investors.
POET Technologies Company Profile
(Get Free Report)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.
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