POET Technologies (NASDAQ:POET) Shares Gap Up – Time to Buy?

POET Technologies Inc. (NASDAQ:POET) gapped up prior to trading on Friday . The stock had previously closed at $6.17, but opened at $6.43. POET Technologies shares last traded at $6.66, with a volume of 920,697 shares traded.

Wall Street Analysts Forecast Growth

POET has been the subject of a number of recent analyst reports. Northland Capmk upgraded POET Technologies to a “strong-buy” rating in a research report on Monday, November 18th. Northland Securities reissued an “outperform” rating and issued a $7.00 target price (up from $6.00) on shares of POET Technologies in a research report on Monday, December 2nd. Finally, Craig Hallum upped their price target on shares of POET Technologies from $3.50 to $5.50 and gave the company a “buy” rating in a research report on Friday, November 22nd.

POET Technologies Stock Performance

The company has a market cap of $479.64 million, a PE ratio of -10.63 and a beta of 0.42. The company has a 50 day simple moving average of $4.62 and a two-hundred day simple moving average of $3.67.

Hedge Funds Weigh In On POET Technologies

Several institutional investors and hedge funds have recently modified their holdings of POET. Tyler Stone Wealth Management boosted its position in POET Technologies by 234.6% during the third quarter. Tyler Stone Wealth Management now owns 271,000 shares of the company’s stock valued at $1,203,000 after purchasing an additional 190,000 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of POET Technologies during the 3rd quarter valued at about $319,000. SevenBridge Financial Group LLC lifted its holdings in shares of POET Technologies by 92.8% during the 3rd quarter. SevenBridge Financial Group LLC now owns 118,709 shares of the company’s stock valued at $527,000 after buying an additional 57,125 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of POET Technologies in the 3rd quarter valued at approximately $178,000. Finally, Centiva Capital LP acquired a new position in POET Technologies in the third quarter worth approximately $134,000. 1.99% of the stock is currently 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.