POET Technologies (NASDAQ:POET) Shares Gap Down – Should You Sell?

POET Technologies Inc. (NASDAQ:POET) shares gapped down before the market opened on Friday . The stock had previously closed at $7.59, but opened at $7.27. POET Technologies shares last traded at $7.16, with a volume of 1,357,666 shares changing hands.

Analysts Set New Price Targets

Several research firms recently weighed in on POET. Craig Hallum upped their price objective on shares of POET Technologies from $3.50 to $5.50 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Northland Capmk upgraded 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 note on Monday, December 2nd.

POET Technologies Price Performance

The stock has a market capitalization of $545.35 million, a PE ratio of -12.08 and a beta of 0.42. The firm’s 50 day simple moving average is $4.43 and its 200 day simple moving average is $3.53.

Institutional Trading of POET Technologies

Several hedge funds have recently added to or reduced their stakes in POET. Toronto Dominion Bank bought a new position in shares of POET Technologies during the third quarter valued at about $54,000. Quadrature Capital Ltd purchased a new stake in POET Technologies during the 3rd quarter valued at about $112,000. Centiva Capital LP bought a new position in POET Technologies during the 3rd quarter worth approximately $134,000. XTX Topco Ltd purchased a new position in POET Technologies in the 3rd quarter worth approximately $178,000. Finally, Virtu Financial LLC bought a new stake in POET Technologies in the third quarter valued at approximately $319,000. 1.99% of the stock is owned by institutional investors.

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.