POET Technologies (POET) Hits 11-Year High as Firm Bags New Orders

POET Technologies Inc. (NASDAQ:POET) is one of the 10 High-Flying Stocks With Double-Digit Returns.

POET Technologies saw its share prices climb to an over 11-year high, as investors piled into the photonics sector following earlier confirmation that it secured orders from Marvell Technologies, while awaiting responses from two more large customers.

In intra-day trading, the stock climbed to a record high of $15.50 before trimming gains to end the session just up by 28.84 percent at $15.10 apiece. The last time POET Technologies Inc. (NASDAQ:POET) touched the said level was in August 2014.

Photo from POET Technologies website

A report by Stocktwits said earlier in the week that POET Technologies Inc. (NASDAQ:POET) chief finance officer Thomas Mika confirmed that the company officially secured orders from Marvell Technologies, which is expected to boost its total orders to more than $5 million for this year.

Deliveries, the report said, are targeted to begin in the third quarter of the year.

Additionally, the company is awaiting the confirmation of two more potential clients, namely Foxconn and Luxshare.

“We expect to hear back from at least one of those,” Mika was quoted as saying.

Despite the news, former hedge fund manager and Mad Money host Jim Cramer deemed it too early to load portfolios on POET Technologies Inc. (NASDAQ:POET).

“Let’s not get ahead of ourselves with these recent announcements. POET’s got a joint development agreement. They’re not producing this stuff at scale. I’m calling it early. The stock’s trading like they’re already in mass production, and that bothers me. Just look at the numbers. POET’s financials make it look more of a science project than a business,” Cramer said.

“With a company like this, the challenge is never just whether the technology works in a lab demo. You gotta figure out if it can be manufactured consistently and shipped at what we call scale.”

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