Short Interest in POET Technologies Inc. (NASDAQ:POET) Drops By 14.8%

POET Technologies Inc. (NASDAQ:POET) was the recipient of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 1,780,000 shares, a drop of 14.8% from the September 30th total of 2,090,000 shares. Based on an average daily trading volume, of 1,580,000 shares, the days-to-cover ratio is currently 1.1 days. Currently, 2.7% of the shares of the company are sold short.

POET Technologies Stock Performance

Shares of NASDAQ:POET traded up $0.10 during trading on Wednesday, hitting $3.89. 1,069,161 shares of the stock were exchanged, compared to its average volume of 967,767. The company has a market capitalization of $273.70 million, a price-to-earnings ratio of -7.29 and a beta of 0.30. POET Technologies has a 1-year low of $0.72 and a 1-year high of $5.60. The company’s fifty day simple moving average is $3.65 and its 200-day simple moving average is $2.79.

POET Technologies (NASDAQ:POET) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.05). On average, research analysts forecast that POET Technologies will post -0.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Craig Hallum boosted their price objective 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.