POET Technologies Inc. (NASDAQ:POET – Get Rating) was the recipient of a large increase in short interest in December. As of December 15th, there was short interest totalling 7,300 shares, an increase of 102.8% from the November 30th total of 3,600 shares. Based on an average trading volume of 23,700 shares, the short-interest ratio is currently 0.3 days. Currently, 0.0% of the company's shares are sold short.
Hedge Funds Weigh In On POET Technologies
A number of hedge funds have recently added to or reduced their stakes in POET. Virtu Financial LLC acquired a new position in POET Technologies during the 1st quarter valued at about $96,000. JPMorgan Chase & Co. acquired a new position in POET Technologies during the 1st quarter valued at about $118,000. Royal Bank of Canada acquired a new position in POET Technologies during the 1st quarter valued at about $162,000. Finally, Paragon Capital Management Ltd boosted its stake in POET Technologies by 3.1% during the 3rd quarter. Paragon Capital Management Ltd now owns 368,300 shares of the company's stock valued at $943,000 after purchasing an additional 11,100 shares during the last quarter. Institutional investors and hedge funds own 2.05% of the company's stock.
Get POET Technologies alerts:POET Technologies Trading Down 0.7 %
POET Technologies stock traded down $0.02 during midday trading on Wednesday, reaching $2.85. The stock had a trading volume of 5,775 shares, compared to its average volume of 25,337. POET Technologies has a 12 month low of $2.34 and a 12 month high of $11.00. The company has a market capitalization of $104.64 million, a P/E ratio of -5.70 and a beta of 0.87. The company has a fifty day moving average price of $2.85 and a two-hundred day moving average price of $3.65.
POET Technologies (NASDAQ:POET – Get Rating) last released its quarterly earnings results on Monday, November 14th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.16) by $0.05. The company had revenue of $0.23 million for the quarter, compared to analyst estimates of $0.18 million. On average, equities research analysts predict that POET Technologies will post -0.56 earnings per share for the current fiscal year.Wall Street Analysts Forecast Growth
Separately, Craig Hallum decreased their target price on POET Technologies to $8.00 in a research report on Thursday, November 17th.
About POET Technologies
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POET Technologies Inc designs, develops, manufactures, and sells discrete and integrated opto-electronic solutions in Canada, the United States, and Singapore. 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 and packaging methods.
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