Why Poet Technologies Stock Plummeted Today
Key Points
Poet stock got hit with another round of sell-offs today.
Growth stocks sold off today in response macroeconomic and geopolitical concerns.
After a powerful rally, semiconductor stocks have pulled back recently.
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Poet Technologies (NASDAQ: POET) stock is pulling back again in Tuesday's trading. The company's share price fell 8% in the session and had been down as much as 16.8%. At the same point in the daily session, the S&P 500 was down 0.7%, and the Nasdaq Composite was down 0.9%.
Tech stocks are broadly pulling back today, and the semiconductor industry is seeing particularly pronounced sell-offs. In addition to industry valuation pressures, some investors are also likely taking profits on the heels of the company's big gains this year.
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Poet stock is sinking as the semiconductor trade loses steam
Semiconductor stocks have generally been on a red-hot, bullish upward swing over the last couple of months, but valuation momentum in the category has taken a step back recently. Production concerns in the memory-chip market and some jitteriness ahead of Nvidia's earnings report this week have contributed to sell-offs in the space.
Additionally, investors also seem to be moving to lock in profits following big rallies across the chip industry. While semiconductor stocks have posted strong rallies recently, there are still some big macroeconomic and geopolitical risks on the table -- and Poet's valuation is heading lower as investors move to reduce their risk exposure.
Poet stock has been incredibly volatile
Poet stock has been hugely volatile over the last couple of months. The company's valuation had surged in response to expectations that the tech specialist's tech stack would be integrated into Marvell's tech stack, but it then saw a big pullback following news that Marvell had canceled an order with the company. Shares then rocketed higher on news that Poet had secured an order with Lumilens that could be worth more than $500 million in revenue, but the photonics specialist stock has sold off as investors have weighed the details of the contract and additional fundraising moves that are dilutive for shareholders.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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