POET Technologies (CVE:PTK) Trading 24% Higher – Here’s What Happened

POET Technologies Inc. (CVE:PTK) shares shot up 24% during mid-day trading on Friday . The company traded as high as C$10.53 and last traded at C$10.22. 338,099 shares traded hands during trading, an increase of 137% from the average session volume of 142,552 shares. The stock had previously closed at C$8.24.

Wall Street Analyst Weigh In

Separately, Northland Capmk upgraded POET Technologies to a “strong-buy” rating in a report on Monday, November 18th.

POET Technologies Stock Performance

The firm’s fifty day moving average price is C$6.27 and its 200 day moving average price is C$4.92. The firm has a market cap of C$696 million, a P/E ratio of -13.70 and a beta of 0.48. The company has a debt-to-equity ratio of 1.63, a quick ratio of 5.08 and a current ratio of 6.71.

Insider Activity at POET Technologies

In other news, Senior Officer Vivek Rajgarhia sold 5,000 shares of POET Technologies stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of C$7.24, for a total value of C$36,219.00. Also, Director James Lee sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of C$6.95, for a total transaction of C$173,712.50. 0.82% of the stock is currently owned by corporate insiders.

POET Technologies Company Profile

POET Technologies Inc designs, develops, manufactures, and sells discrete and integrated opto-electronic solutions in Canada, the United States, Singapore, and China. The company 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.