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

by · The Markets Daily

POET Technologies Inc. (NASDAQ:POET – Get Free Report) 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 – Get Free Report) 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.

Read Our Latest Stock Report on POET

POET Technologies Company Profile

(Get Free Report)

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.

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