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

POET Technologies Inc. (NASDAQ:POET)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $6.17, but opened at $6.43. POET Technologies shares last traded at $6.66, with a volume of 920,697 shares traded.

Analysts Set New Price Targets

A number of research firms recently weighed in on POET. Northland Securities reissued an “outperform” rating and issued a $7.00 target price (up previously from $6.00) on shares of POET Technologies in a research note on Monday, December 2nd. Craig Hallum lifted their price objective on POET Technologies from $3.50 to $5.50 and gave the company a “buy” rating in a report on Friday, November 22nd. Finally, Northland Capmk raised POET Technologies to a “strong-buy” rating in a report on Monday, November 18th.

POET Technologies Trading Up 9.4 %

The firm has a market cap of $516.35 million, a P/E ratio of -11.44 and a beta of 0.42. The company’s fifty day moving average price is $4.72 and its two-hundred day moving average price is $3.72.

Institutional Trading of POET Technologies

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

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. 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.