POET Technologies Inc. (NASDAQ:POET – Get Rating) was the recipient of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 1,800 shares, a decline of 82.0% from the October 31st total of 10,000 shares. Based on an average daily trading volume, of 24,600 shares, the days-to-cover ratio is presently 0.1 days. Approximately 0.0% of the shares of the company are short sold.
Institutional Trading of POET Technologies
Hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its position in POET Technologies by 88.6% in the 2nd 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. Royal Bank of Canada acquired a new position in shares of POET Technologies in the first quarter worth about $162,000. Virtu Financial LLC purchased a new stake in shares of POET Technologies during the 1st quarter worth about $96,000. Paragon Capital Management Ltd grew its position in shares of POET Technologies by 3.1% during the 3rd quarter. Paragon Capital Management Ltd now owns 368,300 shares of the company’s stock valued at $943,000 after acquiring an additional 11,100 shares during the period. Finally, MMCAP International Inc. SPC purchased a new position in shares of POET Technologies in the 1st quarter valued at about $2,720,000. Hedge funds and other institutional investors own 2.48% of the company’s stock.
POET Technologies Price Performance
NASDAQ:POET traded up $0.22 during mid-day trading on Monday, hitting $3.07. The company’s stock had a trading volume of 25,870 shares, compared to its average volume of 26,315. The business’s fifty day moving average is $2.80 and its two-hundred day moving average is $4.06. POET Technologies has a 1 year low of $2.34 and a 1 year high of $11.00.
Analyst Ratings Changes
A number of analysts have commented on POET shares. Craig Hallum lowered their price target on POET Technologies to $8.00 in a research report on Thursday, November 17th. HC Wainwright dropped their target price on POET Technologies from $10.00 to $5.00 and set a “buy” rating on the stock in a research report on Thursday, August 11th.
POET Technologies Company Profile
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.
