POET Technologies Target of Unusually High Options Trading (NASDAQ:POET)

POET Technologies Inc. (NASDAQ:POET) saw unusually large options trading on Tuesday. Stock traders purchased 11,307 call options on the stock. This represents an increase of approximately 124% compared to the typical daily volume of 5,057 call options.

POET Technologies Stock Up 18.5 %

POET opened at $5.76 on Thursday. The firm’s 50 day moving average is $4.33 and its 200-day moving average is $3.49. The firm has a market capitalization of $440.57 million, a P/E ratio of -9.76 and a beta of 0.42. POET Technologies has a 52-week low of $0.84 and a 52-week high of $5.87.

Institutional Trading of POET Technologies

Hedge funds have recently made changes to their positions in the stock. Tyler Stone Wealth Management lifted its stake in POET Technologies by 234.6% during the third quarter. Tyler Stone Wealth Management now owns 271,000 shares of the company’s stock worth $1,203,000 after purchasing an additional 190,000 shares during the last quarter. SevenBridge Financial Group LLC grew its holdings in shares of POET Technologies by 92.8% during the third quarter. SevenBridge Financial Group LLC now owns 118,709 shares of the company’s stock valued at $527,000 after purchasing an additional 57,125 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of POET Technologies during the 3rd quarter worth approximately $319,000. XTX Topco Ltd acquired a new position in POET Technologies during the 3rd quarter valued at approximately $178,000. Finally, Centiva Capital LP acquired a new stake in POET Technologies in the third quarter worth $134,000. Institutional investors and hedge funds own 1.99% of the company’s stock.

Analyst Ratings Changes

POET has been the subject of a number of research analyst reports. Craig Hallum raised their price target on POET Technologies from $3.50 to $5.50 and gave the company a “buy” rating in a research report on Friday, November 22nd. Northland Capmk raised shares of POET Technologies to a “strong-buy” rating in a research note on Monday, November 18th. Finally, Northland Securities reiterated an “outperform” rating and issued a $7.00 price target (up from $6.00) on shares of POET Technologies in a report on Monday, December 2nd.

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.