POET Technologies (NASDAQ:POET) Trading Up 0.6% – Should You Buy?

POET Technologies Inc. (NASDAQ:POET)’s share price was up 0.6% during mid-day trading on Friday . The stock traded as high as $5.46 and last traded at $5.25. Approximately 1,180,247 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 2,384,367 shares. The stock had previously closed at $5.22.

Analyst Ratings Changes

Several brokerages have weighed in on POET. Craig Hallum boosted their price objective on POET Technologies from $3.50 to $5.50 and gave the stock a “buy” rating in a report on Friday, November 22nd. Northland Capmk raised shares of POET Technologies to a “strong-buy” rating in a research note on Monday, November 18th. Finally, Northland Securities reaffirmed an “outperform” rating and issued a $7.00 price objective (up from $6.00) on shares of POET Technologies in a research note on Monday, December 2nd.

POET Technologies Price Performance

The stock has a market cap of $402.10 million, a price-to-earnings ratio of -8.90 and a beta of 0.41. The firm has a 50 day simple moving average of $5.15 and a two-hundred day simple moving average of $4.04.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Tyler Stone Wealth Management lifted its holdings in POET Technologies by 234.6% during the third quarter. Tyler Stone Wealth Management now owns 271,000 shares of the company’s stock worth $1,203,000 after acquiring an additional 190,000 shares in the last quarter. SevenBridge Financial Group LLC lifted its holdings in shares of POET Technologies by 92.8% during the 3rd quarter. SevenBridge Financial Group LLC now owns 118,709 shares of the company’s stock valued at $527,000 after purchasing an additional 57,125 shares in the last quarter. Centiva Capital LP acquired a new position in shares of POET Technologies in the 3rd quarter valued at approximately $134,000. Quadrature Capital Ltd bought a new stake in POET Technologies during the 3rd quarter worth approximately $112,000. Finally, XTX Topco Ltd acquired a new stake in POET Technologies during the 3rd quarter worth approximately $178,000. Institutional investors own 1.99% of the company’s stock.

About POET Technologies

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.