Traders Buy Large Volume of Call Options on POET Technologies (NASDAQ:POET)

POET Technologies Inc. (NASDAQ:POET) was the target of some unusual options trading activity on Tuesday. Stock traders acquired 11,307 call options on the company. This is an increase of 124% compared to the average daily volume of 5,057 call options.

Analyst Upgrades and Downgrades

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

POET Technologies Stock Performance

Shares of POET stock traded up $0.95 during midday trading on Tuesday, reaching $5.81. 3,523,782 shares of the company were exchanged, compared to its average volume of 1,144,027. The company’s 50 day moving average price is $4.29 and its two-hundred day moving average price is $3.46. The company has a market cap of $444.39 million, a P/E ratio of -9.85 and a beta of 0.42. POET Technologies has a 12 month low of $0.84 and a 12 month high of $5.85.

Hedge Funds Weigh In On POET Technologies

Several large investors have recently made changes to their positions in POET. Tyler Stone Wealth Management increased its stake in POET Technologies by 234.6% in the 3rd quarter. Tyler Stone Wealth Management now owns 271,000 shares of the company’s stock worth $1,203,000 after purchasing an additional 190,000 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of POET Technologies in the third quarter worth approximately $319,000. SevenBridge Financial Group LLC increased its position in shares of POET Technologies by 92.8% in the third quarter. SevenBridge Financial Group LLC now owns 118,709 shares of the company’s stock worth $527,000 after acquiring an additional 57,125 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of POET Technologies during the third quarter valued at approximately $178,000. Finally, Centiva Capital LP purchased a new stake in shares of POET Technologies in the 3rd quarter valued at approximately $134,000. Institutional investors own 1.99% of the company’s stock.

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.