POET Technologies (TSXV:PTK) has had remarkable run, climbing from pennies late last year to more than two dollars, but one insider clearly believes the stock has more upside.
Pinetree Capital CEO and POET insider Sheldon Inwentash has made numerous purchases of the stock in the open market in recent weeks, and has added to Pinetree’s position. On April 7th alone, Inwentash bought 275,000 shares of the company and Pinetree Capital another 100,000.
As of February 13th, Pinetree owned more than 11% of all outstanding shares of POET Technologies. Not surprisingly, the company recently announced that Pinetree VP Richard Patricio will be proposed as a nominee to its board in June.
Founded in 2000, Toronto-based POET Technologies, formerly known as OPEL Technologies, shed its solar business in 2012 to focus on its core asset, a semiconductor fabrication process called POET. POET, an acronym for Planar Opto Electronic Technology, is technology management says can deliver semiconductor operating frequencies of up to 100 gigahertz and lower heat losses with greater reliability and a lower total system cost. The company currently owns 34 patents and has seven more pending.
At press time, shares of POET Technologies were up 11.3% to $2.27.