POET Technologies (POET) stock rallied again on Wednesday alongside new comments from Chief Financial Officer Thomas Mika. During a recent interview with Stocktwits, Mika confirmed that the company has a purchase order that is tied to Marvell (MRVL). This has heightened investor interest in POET stock, which helps explain today’s rise.
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New trading tool for NVDA bearsIt makes sense that investors would take note of POET Technologies’ purchase order from Marvell. Marvell has attracted investor interest lately via a potential deal with Alphabet’s (GOOGL) Google. On top of that, the company received a $2 billion investment from Nvidia (NVDA) as part of a new partnership between the two.
The POET Technologies CFO’s comments also included a rebuttal to a short report from Wolfpack Research. Mika claimed that POET Technologies does not intend to be classified as a passive foreign investment company, which was a concern for investors raised in the short report. The CFO called these claims a “big nothing burger.”
POET Technologies Stock Movement Today
POET Technologies stock was up 14.98% on Wednesday, extending a 96.37% year-to-date rally. The shares have also gained 161.48% over the past 12 months.
POET stock also experienced heavy trading today. This saw more than 35 million shares change hands as of this writing, compared to a three-month average daily trading volume of about 10 million shares.
Is POET Technologies Stock a Buy, Sell, or Hold?
Turning to Wall Street, traditional analyst coverage for POET Technologies is lacking. Fortunately, TipRanks’ AI analyst Spark has it covered. Spark rates POET stock as Neutral with a $9 price target. It cites “very large ongoing losses, negative cash flow, and negative returns despite improving revenue growth” as reasons for this stance.
