POET Technologies Inc. (NASDAQ:POET) Sees Significant Growth in Short Interest

POET Technologies Inc. (NASDAQ:POET) was the recipient of a significant growth in short interest in October. As of October 31st, there was short interest totalling 2,110,000 shares, a growth of 18.5% from the October 15th total of 1,780,000 shares. Based on an average daily trading volume, of 1,680,000 shares, the days-to-cover ratio is presently 1.3 days. Approximately 3.3% of the shares of the stock are sold short.

POET Technologies Stock Performance

NASDAQ:POET traded down $0.20 during mid-day trading on Friday, hitting $3.64. 1,612,004 shares of the stock traded hands, compared to its average volume of 1,054,435. POET Technologies has a 52 week low of $0.72 and a 52 week high of $5.60. The firm’s 50 day moving average is $3.85 and its two-hundred day moving average is $2.98.

POET Technologies (NASDAQ:POET) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.05). Research analysts predict that POET Technologies will post -0.45 EPS for the current year.

Analyst Ratings Changes

Separately, Craig Hallum increased their price target on POET Technologies from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Thursday, September 12th.

Institutional Trading of POET Technologies

Several hedge funds have recently modified their holdings of the company. Quadrature Capital Ltd acquired a new position in shares of POET Technologies in the 3rd quarter valued at $112,000. Centiva Capital LP acquired a new position in shares of POET Technologies in the third quarter worth about $134,000. XTX Topco Ltd acquired a new stake in POET Technologies in the third quarter valued at approximately $178,000. SevenBridge Financial Group LLC raised its position in POET Technologies by 92.8% during 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 during the period. Finally, Tyler Stone Wealth Management boosted its holdings 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 buying an additional 190,000 shares during the last quarter. 1.99% of the stock is owned by hedge funds and other 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.