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

POET Technologies Inc. (NASDAQ:POET)’s share 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 changing hands.

Analyst Upgrades and Downgrades

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

POET Technologies Trading Up 1.6 %

The firm’s fifty day moving average is $4.62 and its 200 day moving average is $3.67. The stock has a market cap of $479.64 million, a P/E ratio of -10.63 and a beta of 0.42.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of POET. Tyler Stone Wealth Management grew its stake in shares of POET Technologies by 234.6% in 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 during the last quarter. Virtu Financial LLC acquired a new stake in POET Technologies in the 3rd quarter worth $319,000. SevenBridge Financial Group LLC increased 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 worth $527,000 after purchasing an additional 57,125 shares during the period. XTX Topco Ltd acquired a new position in shares of POET Technologies during the third quarter valued at about $178,000. Finally, Centiva Capital LP acquired a new stake in POET Technologies during the third quarter worth about $134,000. 1.99% of the stock is currently 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.