Neonode (NASDAQ:NEON) Stock Passes Above 200 Day Moving Average – Here’s What Happened

Neonode Inc. (NASDAQ:NEON)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.81 and traded as high as $1.81. Neonode shares last traded at $1.81, with a volume of 179,841 shares traded.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Neonode from a “hold” rating to a “strong sell” rating in a report on Saturday, March 21st. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $6.00.

Neonode Stock Performance

The business has a fifty day simple moving average of $1.57 and a 200-day simple moving average of $1.81. The firm has a market cap of $30.37 million, a price-to-earnings ratio of -5.66 and a beta of 1.00.

Neonode (NASDAQ:NEON) last issued its earnings results on Wednesday, May 13th. The electronics maker reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). Neonode had a negative return on equity of 34.66% and a net margin of 386.64%.The firm had revenue of $0.61 million during the quarter, compared to analyst estimates of $0.66 million.

Institutional Investors Weigh In On Neonode

A number of institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new stake in shares of Neonode in the 1st quarter valued at about $67,000. Quadrature Capital Ltd bought a new stake in shares of Neonode in the 4th quarter valued at about $159,000. Jain Global LLC bought a new stake in shares of Neonode in the 4th quarter valued at about $59,000. State Street Corp grew its position in shares of Neonode by 17.0% in the 4th quarter. State Street Corp now owns 249,104 shares of the electronics maker’s stock valued at $433,000 after buying an additional 36,244 shares during the last quarter. Finally, Deutsche Bank AG grew its position in shares of Neonode by 146.2% in the 4th quarter. Deutsche Bank AG now owns 42,779 shares of the electronics maker’s stock valued at $74,000 after buying an additional 25,401 shares during the last quarter. Institutional investors own 11.63% of the company’s stock.

Neonode Company Profile

Neonode AB (NASDAQ: NEON) is a technology company specializing in optical-based user interface solutions for electronic devices. The company develops sensor and software platforms that allow touch, gesture and hover interactions through the projection and detection of infrared light. Neonode’s offerings are designed to enable intuitive, reliable and low-power human-machine interfaces across a variety of device categories.

At the core of Neonode’s portfolio are its zForce and Neonode software products, which can be integrated into consumer electronics, automotive systems, home appliances, industrial equipment and Internet of Things applications.