POET Technologies (NASDAQ:POET) Shares Gap Down - Here's What Happened

Shares of POET Technologies Inc. (NASDAQ:POET - Get Free Report) gapped down before the market opened 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.

Wall Street Analyst Weigh In

Several equities analysts have commented on POET shares. Northland Capmk raised POET Technologies to a "strong-buy" rating in a research report on Monday, November 18th. Craig Hallum upped their price target on shares of POET Technologies from $3.50 to $5.50 and gave the stock a "buy" rating in a report on Friday, November 22nd. Finally, Northland Securities reaffirmed an "outperform" rating and issued a $7.00 price target (up previously from $6.00) on shares of POET Technologies in a research note on Monday, December 2nd.

POET Technologies Stock Performance

The firm has a fifty day simple moving average of $4.49 and a 200 day simple moving average of $3.57. The company has a market capitalization of $532.35 million, a PE ratio of -11.80 and a beta of 0.42.

Hedge Funds Weigh In On POET Technologies

Several institutional investors have recently made changes to their positions in the company. Tyler Stone Wealth Management grew its holdings in POET Technologies by 234.6% during the 3rd quarter. Tyler Stone Wealth Management now owns 271,000 shares of the company's stock worth $1,203,000 after acquiring an additional 190,000 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of POET Technologies in the 3rd quarter worth approximately $319,000. SevenBridge Financial Group LLC boosted its stake 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 valued at $527,000 after purchasing an additional 57,125 shares in the last quarter. XTX Topco Ltd purchased a new position in POET Technologies during the third quarter valued at approximately $178,000. Finally, Centiva Capital LP bought a new position in POET Technologies in the third quarter worth approximately $134,000. Hedge funds and other institutional investors own 1.99% of the company's stock.

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.