POET Technologies (NASDAQ:POET) Shares Gap Down – What’s Next?

POET Technologies Inc. (NASDAQ:POET) gapped down before the market opened on Friday . The stock had previously closed at $7.59, but opened at $7.27. POET Technologies shares last traded at $7.16, with a volume of 1,357,666 shares trading hands.

Analyst Upgrades and Downgrades

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

POET Technologies Price Performance

The business’s fifty day simple moving average is $4.49 and its 200 day simple moving average is $3.58. The stock has a market cap of $532.35 million, a price-to-earnings ratio of -11.80 and a beta of 0.42.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Virtu Financial LLC acquired a new stake in POET Technologies during the third quarter worth about $319,000. Toronto Dominion Bank bought a new position in shares of POET Technologies during the third quarter valued at approximately $54,000. XTX Topco Ltd acquired a new stake in shares of POET Technologies during the 3rd quarter worth approximately $178,000. Quadrature Capital Ltd bought a new stake in shares of POET Technologies in the 3rd quarter worth approximately $112,000. Finally, Centiva Capital LP acquired a new position in POET Technologies during the 3rd quarter valued at approximately $134,000. 1.99% of the stock is owned by institutional investors and hedge funds.

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.