POET Technologies Inc. (NASDAQ:POET) Short Interest Down 14.8% in October

POET Technologies Inc. (NASDAQ:POET) was the target of a large decline in short interest in October. As of October 15th, there was short interest totalling 1,780,000 shares, a decline of 14.8% from the September 30th total of 2,090,000 shares. Approximately 2.7% of the shares of the stock are short sold. Based on an average trading volume of 1,580,000 shares, the days-to-cover ratio is presently 1.1 days.

Wall Street Analyst Weigh In

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

POET Technologies Stock Up 2.6 %

NASDAQ:POET traded up $0.10 during mid-day trading on Wednesday, reaching $3.89. 1,069,161 shares of the company were exchanged, compared to its average volume of 967,767. POET Technologies has a 12 month low of $0.72 and a 12 month high of $5.60. The stock has a market cap of $273.70 million, a PE ratio of -7.29 and a beta of 0.30. The company has a fifty day moving average of $3.65 and a 200 day moving average of $2.79.

POET Technologies (NASDAQ:POET) last issued its quarterly earnings results 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). On average, equities research analysts anticipate that POET Technologies will post -0.45 EPS for the current fiscal year.

POET Technologies Company Profile

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.