POET Technologies Inc. (NASDAQ:POET – Get Rating) was the target of a large drop in short interest in the month of December. As of December 30th, there was short interest totalling 1,900 shares, a drop of 74.0% from the December 15th total of 7,300 shares. Approximately 0.0% of the shares of the company are sold short. Based on an average daily volume of 28,100 shares, the days-to-cover ratio is currently 0.1 days.

POET Technologies Stock Performance

POET Technologies stock traded up $0.11 during trading on Thursday, reaching $5.62. The company had a trading volume of 58,069 shares, compared to its average volume of 104,794. The firm's 50-day simple moving average is $3.29 and its 200 day simple moving average is $3.52. POET Technologies has a 1-year low of $2.34 and a 1-year high of $11.00. The firm has a market capitalization of $212.67 million, a PE ratio of -11.24 and a beta of 0.87.

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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 during the quarter, compared to analyst estimates of $0.18 million. Analysts anticipate that POET Technologies will post -0.56 EPS for the current year.

Institutional Investors Weigh In On POET Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. Paragon Capital Management Ltd lifted its holdings in POET Technologies by 3.1% in 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 in the last quarter. Virtu Financial LLC purchased a new position in POET Technologies in the 1st quarter valued at $96,000. JPMorgan Chase & Co. lifted its holdings in POET Technologies by 88.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 30,660 shares of the company's stock valued at $300,000 after purchasing an additional 14,400 shares in the last quarter. Finally, Royal Bank of Canada purchased a new position in POET Technologies in the 1st quarter valued at $162,000. Institutional investors and hedge funds own 2.05% of the company's stock.

Analyst Ratings Changes

Separately, Craig Hallum dropped their price objective on shares of POET Technologies to $8.00 in a research note 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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