Traders Purchase High Volume of Call Options on POET Technologies (NASDAQ:POET)

POET Technologies Inc. (NASDAQ:POET) was the target of unusually large options trading on Wednesday. Stock investors purchased 87,478 call options on the company. This is an increase of 96% compared to the average daily volume of 44,709 call options.

POET Technologies Stock Up 6.0%

POET Technologies stock opened at $6.37 on Friday. The stock has a 50-day simple moving average of $6.17 and a 200 day simple moving average of $5.56. The stock has a market capitalization of $577.89 million, a price-to-earnings ratio of -8.85 and a beta of 0.46. POET Technologies has a 12-month low of $3.09 and a 12-month high of $9.41.

POET Technologies (NASDAQ:POET) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). POET Technologies had a negative return on equity of 103.46% and a negative net margin of 6,625.16%.The company had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.55 million. As a group, sell-side analysts anticipate that POET Technologies will post -0.45 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on POET. Wall Street Zen upgraded POET Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Weiss Ratings restated a “sell (d-)” rating on shares of POET Technologies in a research note on Wednesday, October 8th. Finally, Northland Securities set a $8.00 target price on shares of POET Technologies in a research report on Wednesday. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has an average rating of “Sell” and a consensus price target of $8.00.

Institutional Trading of POET Technologies

Several hedge funds have recently modified their holdings of POET. MMCAP International Inc. SPC raised its position in POET Technologies by 2,198.7% in the 2nd quarter. MMCAP International Inc. SPC now owns 5,894,384 shares of the company’s stock worth $30,710,000 after purchasing an additional 5,637,964 shares during the last quarter. Raymond James Financial Inc. increased its stake in shares of POET Technologies by 75.1% in the 3rd quarter. Raymond James Financial Inc. now owns 413,333 shares of the company’s stock valued at $2,290,000 after buying an additional 177,341 shares during the period. Tyler Stone Wealth Management increased its stake in shares of POET Technologies by 24.1% in the 1st quarter. Tyler Stone Wealth Management now owns 349,800 shares of the company’s stock valued at $1,322,000 after buying an additional 68,000 shares during the period. Quadrature Capital Ltd bought a new stake in shares of POET Technologies during the second quarter worth $855,000. Finally, Jump Financial LLC acquired a new position in shares of POET Technologies during the second quarter valued at $619,000. 1.99% of the stock is owned by institutional investors.

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.