MMCAP International Inc. SPC Sells 2,839,640 Shares of POET Technologies Inc. (NASDAQ:POET)

MMCAP International Inc. SPC lessened its position in POET Technologies Inc. (NASDAQ:POET - Free Report) by 59.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,916,144 shares of the company's stock after selling 2,839,640 shares during the period. POET Technologies comprises approximately 1.8% of MMCAP International Inc. SPC's holdings, making the stock its 15th biggest holding. MMCAP International Inc. SPC owned about 2.50% of POET Technologies worth $11,401,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in POET. Tyler Stone Wealth Management raised its holdings 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 valued at $1,203,000 after buying an additional 190,000 shares during the last quarter. Virtu Financial LLC bought a new stake in POET Technologies during the 3rd quarter worth approximately $319,000. SevenBridge Financial Group LLC increased its stake in 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 in the last quarter. XTX Topco Ltd bought a new stake in POET Technologies during the 3rd quarter worth approximately $178,000. Finally, Centiva Capital LP bought a new stake in POET Technologies during the 3rd quarter worth approximately $134,000. 1.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

POET has been the subject of a number of research reports. Craig Hallum increased their target price on POET Technologies from $3.50 to $5.50 and gave the stock a "buy" rating in a research note on Friday, November 22nd. Northland Capmk raised POET Technologies to a "strong-buy" rating in a research note on Monday, November 18th. Finally, Northland Securities reissued an "outperform" rating and set a $7.00 target price (up from $6.00) on shares of POET Technologies in a research note on Monday, December 2nd.

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POET Technologies Price Performance

Shares of POET traded up $0.07 during mid-day trading on Friday, hitting $3.93. 1,192,620 shares of the company's stock were exchanged, compared to its average volume of 1,904,415. The company has a market cap of $306.68 million, a PE ratio of -6.66 and a beta of 0.38. POET Technologies Inc. has a 52 week low of $1.00 and a 52 week high of $7.79. The company has a 50-day simple moving average of $5.15 and a 200 day simple moving average of $4.33.

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.