Neonode (NASDAQ:NEON) Shares Pass Above 200-Day Moving Average – What’s Next?

Shares of Neonode Inc. (NASDAQ:NEON) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.85 and traded as high as $1.90. Neonode shares last traded at $1.78, with a volume of 459,519 shares trading hands.

Analyst Upgrades and Downgrades

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

Neonode Stock Performance

The company has a market capitalization of $30.04 million, a PE ratio of -5.59 and a beta of 1.00. The company’s 50-day simple moving average is $1.56 and its 200-day simple moving average is $1.84.

Neonode (NASDAQ:NEON) last issued 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 negative return on equity of 34.66% and a net margin of 386.64%.The business had revenue of $0.61 million for the quarter, compared to analysts’ expectations of $0.66 million.

Institutional Investors Weigh In On Neonode

Several hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC acquired a new stake in shares of Neonode during the first quarter worth $67,000. Quadrature Capital Ltd acquired a new stake in shares of Neonode during the fourth quarter worth $159,000. Jain Global LLC acquired a new stake in shares of Neonode during the fourth quarter worth $59,000. State Street Corp lifted its holdings in shares of Neonode by 17.0% during the fourth quarter. State Street Corp now owns 249,104 shares of the electronics maker’s stock worth $433,000 after purchasing an additional 36,244 shares during the period. Finally, Deutsche Bank AG lifted its holdings in shares of Neonode by 146.2% during the fourth quarter. Deutsche Bank AG now owns 42,779 shares of the electronics maker’s stock worth $74,000 after purchasing an additional 25,401 shares during the period. 11.63% of the stock is owned by institutional investors and hedge funds.

About Neonode

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.