Neonode (NASDAQ:NEON) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Neonode Inc. (NASDAQ:NEON) shares 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.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of Neonode from a “hold” rating to a “strong sell” rating in a research report on Saturday, March 21st. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Neonode has an average rating of “Reduce” and a consensus price target of $6.00.

Neonode Stock Performance

The company has a market cap of $28.69 million, a PE ratio of -5.34 and a beta of 1.00. The firm’s 50 day moving average is $1.57 and its 200-day moving average is $1.81.

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

Institutional Trading of Neonode

Several hedge funds have recently made changes to their positions in the company. Legal & General Group Plc purchased a new stake in shares of Neonode in the 2nd quarter valued at approximately $29,000. BNP Paribas Financial Markets grew its stake in shares of Neonode by 238.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,820 shares of the electronics maker’s stock valued at $46,000 after buying an additional 1,283 shares during the period. New York State Common Retirement Fund purchased a new stake in shares of Neonode in the 2nd quarter valued at approximately $125,000. JPMorgan Chase & Co. acquired a new position in shares of Neonode in the 2nd quarter worth approximately $127,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Neonode in the 2nd quarter worth approximately $147,000. Hedge funds and other 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.