POET Technologies (NASDAQ:POET) Price Target Raised to $5.50 at Craig Hallum

POET Technologies (NASDAQ:POET) had its price objective lifted by research analysts at Craig Hallum from $3.50 to $5.50 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Craig Hallum’s price objective would suggest a potential upside of 38.54% from the company’s previous close.

A number of other equities research analysts have also commented on POET. Northland Securities started coverage on POET Technologies in a research report on Monday. They set an “outperform” rating and a $6.00 price target on the stock. Northland Capmk raised POET Technologies to a “strong-buy” rating in a research report on Monday.

POET Technologies Trading Down 1.7 %

POET Technologies stock traded down $0.07 during mid-day trading on Friday, hitting $3.97. The stock had a trading volume of 522,076 shares, compared to its average volume of 981,182. POET Technologies has a 12 month low of $0.72 and a 12 month high of $5.60. The stock has a 50-day simple moving average of $3.92 and a two-hundred day simple moving average of $3.01. The stock has a market capitalization of $280.68 million, a PE ratio of -6.68 and a beta of 0.33.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Tyler Stone Wealth Management boosted its stake in shares of POET Technologies by 234.6% during the 3rd quarter. Tyler Stone Wealth Management now owns 271,000 shares of the company’s stock worth $1,203,000 after acquiring an additional 190,000 shares during the period. XTX Topco Ltd acquired a new position in POET Technologies in the 3rd quarter valued at $178,000. Virtu Financial LLC acquired a new position in POET Technologies in the 3rd quarter valued at $319,000. Toronto Dominion Bank acquired a new position in POET Technologies in the 3rd quarter valued at $54,000. Finally, Centiva Capital LP acquired a new position in POET Technologies in the 3rd quarter valued at $134,000. 1.99% of the stock is currently 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.