Why Poet Technologies Stock Skyrocketed Today
Key Points
Poet's incredible rally was hit with a setback yesterday, but the stock saw a huge rebound today.
The rally for tech stocks resumed Friday, and investors see promising catalysts for Poet.
Poet recently confirmed that it has a partnership with Marvell, and investors are bullish on the optics specialist's prospects.
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After a pullback in yesterday's trading, Poet Technologies (NASDAQ: POET) stock went on to deliver a massive rally in Friday's trading. The tech company's share price gained 28.8% in a day of trading that played host to an 0.8% gain for the S&P 500 and a 1.6% gain for the Nasdaq Composite.
While the market bristled at ServiceNow's quarterly results yesterday and broadly sold out of software and technology stocks, the trend proved to be short-lived. Friday delivered a big rebound rally for the tech sector, and the trend helped reignite a powerful bullish rally for Poet stock. The company's share price climbed 120.5% over the last week.
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Poet stock surges to new highs
On the heels of a big run-up, Poet stock got hit with a pullback in yesterday's trading as investors took a more cautious approach to tech stocks in response to ServiceNow's Q1 reports and other industry-outlook shifts. Investors seemingly did an about-face in today's trading and once again resumed buying into artificial intelligence (AI) names and other tech stocks with substantial appetite. Poet stock has been on a hot streak lately, and recent confirmation from the company that it has secured an order with Marvell has investors feeling optimistic about the fiber optics specialist's long-term prospects.
What's next for Poet?
Poet CFO Thomas Mika recently confirmed that Poet has secured orders with a company that Marvell acquired earlier this year. The news bodes well for the fiber-optics tech specialist's commercialization ramp. While management had previously guided for an order of roughly $5 million this year from a leading data-center systems integrator, confirmation that the company in question is Marvell is a very bullish development. With the confirmation, the door also seems to be left open for the total contract level to climb well above the previously announced target, and some investors are betting that Poet's wins are just getting started.
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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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