Why Was POET Technologies Stock So Volatile This Week?

POET Technologies (POET) stock is on the rise again Friday, as the Canadian opto-electronic solutions company prepares to close out the trading week in the green. The company’s shares were boosted after Chief Financial Officer Thomas Mika revealed a major purchase order from Marvell (MRVL). This kicked off what would be a volatile week for POET stock.

The connection between POET Technologies and Marvell was first revealed on Wednesday, which caused the stock to rocket that day. However, POET stock fell the following day, as investors who had bought the shares before Wednesday’s rally used Thursday to sell their shares for a profit. With that selling largely done, the stock was back up again on Friday.

All told, POET stock has rallied 113.51% over the past five trading days and appears ready to close out Friday in the green. All of this is great news for the stock, which suffered earlier in the week following a short report from Wolfpack Research. Mika also refuted this short report at the same time he revealed the purchase order from Marvell.

POET Technologies Stock Movement Today

POET Technologies stock was up 31.14% on Friday, extending a 141.23% rally year-to-date. The shares have also increased 185.16% over the past 12 months.

With today’s rally came heavy trading of POET stock, as some 50 million shares changed hands. This was well above the company’s three-month average daily trading volume of about 10.52 million shares.

Is POET Technologies Stock a Buy, Sell, or Hold?

Turning to Wall Street, traditional analyst coverage of 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.