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

POET Technologies (NASDAQ:POET) had its price target upped by research analysts at Craig Hallum from $3.50 to $5.50 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Craig Hallum’s price target would indicate a potential upside of 38.54% from the company’s current price.

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

POET Technologies Price Performance

POET stock traded down $0.07 during midday trading on Friday, reaching $3.97. 522,076 shares of the stock were exchanged, compared to its average volume of 981,182. The stock has a market capitalization of $280.68 million, a PE ratio of -6.68 and a beta of 0.33. POET Technologies has a 52 week low of $0.72 and a 52 week high of $5.60. The company has a fifty day moving average price of $3.92 and a 200 day moving average price of $3.01.

Hedge Funds Weigh In On POET Technologies

Several institutional investors have recently modified their holdings of POET. Virtu Financial LLC bought a new position in POET Technologies during the third quarter valued at $319,000. Toronto Dominion Bank bought a new position in shares of POET Technologies in the third quarter worth $54,000. XTX Topco Ltd bought a new position in shares of POET Technologies in the third quarter worth $178,000. Quadrature Capital Ltd purchased a new stake in shares of POET Technologies in the third quarter worth $112,000. Finally, Centiva Capital LP purchased a new stake in shares of POET Technologies in the third quarter worth $134,000. 1.99% of the stock is 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.