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

Shares of POET Technologies Inc. (NASDAQ:POET) shot up 0.6% during mid-day trading on Friday . The company traded as high as $5.46 and last traded at $5.25. 1,180,247 shares were traded during trading, a decline of 51% from the average session volume of 2,384,367 shares. The stock had previously closed at $5.22.

Analyst Upgrades and Downgrades

POET has been the topic of several recent research reports. Northland Capmk raised POET Technologies to a “strong-buy” rating in a research note on Monday, November 18th. 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 report on Monday, December 2nd. Finally, Craig Hallum upped their price target on POET Technologies from $3.50 to $5.50 and gave the stock a “buy” rating in a research report on Friday, November 22nd.

POET Technologies Trading Up 0.6 %

The firm’s 50 day simple moving average is $5.15 and its 200-day simple moving average is $4.04. The stock has a market capitalization of $402.10 million, a price-to-earnings ratio of -8.90 and a beta of 0.41.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of POET. Tyler Stone Wealth Management increased its stake in shares of POET Technologies by 234.6% during the 3rd quarter. Tyler Stone Wealth Management now owns 271,000 shares of the company’s stock worth $1,203,000 after purchasing an additional 190,000 shares during the last quarter. Virtu Financial LLC bought a new position in POET Technologies during the third quarter worth about $319,000. SevenBridge Financial Group LLC increased its position in POET Technologies by 92.8% during the third quarter. SevenBridge Financial Group LLC now owns 118,709 shares of the company’s stock worth $527,000 after buying an additional 57,125 shares during the last quarter. XTX Topco Ltd acquired a new position in POET Technologies during the third quarter worth approximately $178,000. Finally, Centiva Capital LP acquired a new stake in shares of POET Technologies in the third quarter valued at approximately $134,000. 1.99% of the stock is owned by institutional investors and hedge funds.

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.