POET Technologies Inc. (NASDAQ:POET – Get Rating) was the target of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 25,000 shares, a decrease of 45.8% from the August 15th total of 46,100 shares. Approximately 0.1% of the company's shares are short sold. Based on an average trading volume of 29,600 shares, the days-to-cover ratio is currently 0.8 days.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. MMCAP International Inc. SPC acquired a new stake in POET Technologies during the first quarter worth about $2,720,000. Brandywine Oak Private Wealth LLC purchased a new position in POET Technologies during the first quarter worth approximately $874,000. Scotia Capital Inc. purchased a new position in POET Technologies during the first quarter worth approximately $278,000. JPMorgan Chase & Co. boosted its position in POET Technologies by 88.6% during the second quarter. JPMorgan Chase & Co. now owns 30,660 shares of the company's stock worth $300,000 after purchasing an additional 14,400 shares in the last quarter. Finally, Royal Bank of Canada purchased a new position in POET Technologies during the first quarter worth approximately $162,000. 2.48% of the stock is currently owned by institutional investors and hedge funds.
Get POET Technologies alerts:POET Technologies Price Performance
POET Technologies stock traded down $0.01 during trading hours on Wednesday, hitting $3.74. 8,390 shares of the stock traded hands, compared to its average volume of 26,569. The firm's 50 day moving average price is $4.25. The firm has a market capitalization of $137.23 million, a PE ratio of -7.65 and a beta of 0.64. POET Technologies has a 1 year low of $3.03 and a 1 year high of $11.00.
Analysts Set New Price Targets
A number of brokerages have commented on POET. HC Wainwright dropped their target price on shares of POET Technologies from $10.00 to $5.00 and set a "buy" rating on the stock in a research note on Thursday, August 11th. Craig Hallum started coverage on shares of POET Technologies in a research note on Wednesday, May 25th. They issued a "buy" rating and a $11.00 price objective for the company.POET Technologies Company Profile
(Get Rating)
POET Technologies Inc designs, develops, manufactures, and sells discrete and integrated opto-electronic solutions in Canada, the United States, and Singapore. 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 and packaging methods.
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