POET Technologies (NASDAQ:POET) Shares Gap Down – Time to Sell?

POET Technologies Inc. (NASDAQ:POET)’s share price gapped down prior to trading on Friday . The stock had previously closed at $7.59, but opened at $7.27. POET Technologies shares last traded at $7.16, with a volume of 1,357,666 shares traded.

Analysts Set New Price Targets

Several research firms recently weighed in on POET. Craig Hallum lifted their target price on shares of POET Technologies from $3.50 to $5.50 and gave the company a “buy” rating in a report on Friday, November 22nd. Northland Capmk upgraded POET Technologies to a “strong-buy” rating in a research note on Monday, November 18th. Finally, Northland Securities reiterated 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.

POET Technologies Price Performance

The firm has a market capitalization of $532.35 million, a price-to-earnings ratio of -11.80 and a beta of 0.42. The business’s 50-day moving average price is $4.49 and its 200 day moving average price is $3.58.

Hedge Funds Weigh In On POET Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Toronto Dominion Bank purchased a new stake in shares of POET Technologies during the third quarter worth about $54,000. Quadrature Capital Ltd acquired a new stake in POET Technologies during the 3rd quarter valued at approximately $112,000. Centiva Capital LP acquired a new stake in POET Technologies during the 3rd quarter valued at approximately $134,000. XTX Topco Ltd purchased a new stake in POET Technologies during the 3rd quarter worth approximately $178,000. Finally, Virtu Financial LLC acquired a new position in shares of POET Technologies in the 3rd quarter valued at approximately $319,000. 1.99% of the stock is owned by hedge funds and other institutional investors.

About POET Technologies

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.