POET Technologies Inc. (NASDAQ:POET) Short Interest Up 18.5% in October

POET Technologies Inc. (NASDAQ:POET) was the recipient of a significant increase in short interest in 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 trading volume, of 1,680,000 shares, the days-to-cover ratio is currently 1.3 days. Currently, 3.3% of the shares of the stock are sold short.

Institutional Investors Weigh In On POET Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Tyler Stone Wealth Management lifted its holdings in shares of 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 during the last quarter. SevenBridge Financial Group LLC lifted its stake in 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 last quarter. Centiva Capital LP purchased a new position in shares of POET Technologies in the 3rd quarter worth about $134,000. Quadrature Capital Ltd purchased a new position in shares of POET Technologies in the 3rd quarter worth about $112,000. Finally, XTX Topco Ltd bought a new position in shares of POET Technologies during the 3rd quarter valued at about $178,000. 1.99% of the stock is owned by hedge funds and other institutional investors.

POET Technologies Trading Down 5.2 %

Shares of POET Technologies stock traded down $0.20 during trading on Friday, hitting $3.64. The stock had a trading volume of 1,612,004 shares, compared to its average volume of 1,054,435. POET Technologies has a 12 month low of $0.72 and a 12 month high of $5.60. The firm has a market cap of $257.35 million, a price-to-earnings ratio of -6.17 and a beta of 0.33. The business’s 50-day moving average is $3.85 and its 200 day moving average is $2.98.

POET Technologies (NASDAQ:POET) last released its quarterly earnings results 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 analysts expect that POET Technologies will post -0.45 EPS for the current year.

Analysts Set New Price Targets

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

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.