POET Technologies (NASDAQ:POET) Hits New 52-Week High – Here’s What Happened

POET Technologies Inc. (NASDAQ:POET)’s stock price reached a new 52-week high on Thursday . The company traded as high as $7.10 and last traded at $7.06, with a volume of 1599804 shares trading hands. The stock had previously closed at $5.76.

Wall Street Analyst Weigh In

Several analysts have issued reports on POET shares. Northland Securities reissued an “outperform” rating and set a $7.00 target price (up from $6.00) on shares of POET Technologies in a research note on Monday, December 2nd. Craig Hallum increased their price objective on POET Technologies from $3.50 to $5.50 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Finally, Northland Capmk raised POET Technologies to a “strong-buy” rating in a research note on Monday, November 18th.

POET Technologies Stock Performance

The stock’s 50-day simple moving average is $4.36 and its two-hundred day simple moving average is $3.50. The stock has a market cap of $546.12 million, a price-to-earnings ratio of -12.10 and a beta of 0.42.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of POET. Tyler Stone Wealth Management increased its stake in POET Technologies by 234.6% in the third quarter. Tyler Stone Wealth Management now owns 271,000 shares of the company’s stock valued at $1,203,000 after acquiring an additional 190,000 shares during the period. Virtu Financial LLC bought a new stake in shares of POET Technologies in the 3rd quarter valued at approximately $319,000. SevenBridge Financial Group LLC raised its holdings in shares of POET Technologies by 92.8% in the 3rd quarter. SevenBridge Financial Group LLC now owns 118,709 shares of the company’s stock worth $527,000 after buying an additional 57,125 shares in the last quarter. XTX Topco Ltd acquired a new stake in POET Technologies in the 3rd quarter valued at $178,000. Finally, Centiva Capital LP acquired a new position in POET Technologies during the third quarter worth $134,000. 1.99% of the stock is owned by institutional investors.

About POET Technologies

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.