POET Technologies Inc. (NASDAQ:POET) Sees Large Increase in Short Interest

POET Technologies Inc. (NASDAQ:POET) saw a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 2,110,000 shares, an increase of 18.5% from the October 15th total of 1,780,000 shares. Based on an average daily volume of 1,680,000 shares, the short-interest ratio is presently 1.3 days. Currently, 3.3% of the company’s shares are short sold.

Analysts Set New Price Targets

Separately, Craig Hallum boosted their price target on shares of POET Technologies from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Thursday, September 12th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Quadrature Capital Ltd purchased a new stake in POET Technologies during the 3rd quarter valued at $112,000. Centiva Capital LP bought a new position in shares of POET Technologies during the third quarter valued at about $134,000. XTX Topco Ltd purchased a new stake in shares of POET Technologies during the third quarter worth about $178,000. SevenBridge Financial Group LLC boosted its holdings in shares of 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 purchasing an additional 57,125 shares during the period. Finally, 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 purchasing an additional 190,000 shares during the last quarter. Institutional investors own 1.99% of the company’s stock.

POET Technologies Stock Down 5.2 %

Shares of NASDAQ POET traded down $0.20 during midday trading on Friday, reaching $3.64. The company had a trading volume of 1,612,004 shares, compared to its average volume of 1,054,435. The stock has a market cap of $257.35 million, a PE ratio of -6.17 and a beta of 0.33. POET Technologies has a one year low of $0.72 and a one year high of $5.60. The firm’s fifty day moving average price is $3.85 and its 200-day moving average price is $2.98.

POET Technologies (NASDAQ:POET) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.05). As a group, equities research analysts expect that POET Technologies will post -0.45 EPS for the current year.

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.