Neonode (NASDAQ:NEON) Stock Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Neonode Inc. stock has surpassed its 200-day moving average, trading at $23.95, with a peak of $25.90 during the day.
• Wall Street Zen downgraded the company's rating from "hold" to "sell", although the overall consensus remains a "Buy" with a price target of $16.50.
• The company reported a quarterly loss with earnings of ($0.12) per share, missing analysts' expectations, while also having a negative net margin of 241.38%.

Neonode Inc. (NASDAQ:NEON - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $15.12 and traded as high as $25.90. Neonode shares last traded at $23.95, with a volume of 607,157 shares trading hands.

Analyst Ratings Changes

Separately, Wall Street Zen cut shares of Neonode from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $16.50.

Neonode Stock Performance

The firm has a market capitalization of $361.11 million, a P/E ratio of -30.31 and a beta of 0.79. The business has a 50 day simple moving average of $24.33 and a two-hundred day simple moving average of $15.21.

Neonode (NASDAQ:NEON - Get Free Report) last released its earnings results on Wednesday, August 13th. The electronics maker reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). The firm had revenue of $0.60 million during the quarter, compared to the consensus estimate of $0.57 million. Neonode had a negative net margin of 241.38% and a negative return on equity of 40.64%. On average, equities analysts anticipate that Neonode Inc. will post -0.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Neonode

Several hedge funds have recently added to or reduced their stakes in NEON. Renaissance Technologies LLC purchased a new position in shares of Neonode in the fourth quarter worth $173,000. Northern Trust Corp grew its position in shares of Neonode by 654.4% during the fourth quarter. Northern Trust Corp now owns 158,709 shares of the electronics maker's stock valued at $1,306,000 after purchasing an additional 137,671 shares in the last quarter. Jane Street Group LLC lifted its position in Neonode by 81.5% in the fourth quarter. Jane Street Group LLC now owns 19,962 shares of the electronics maker's stock worth $164,000 after buying an additional 8,962 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Neonode in the 4th quarter worth about $107,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in Neonode during the 1st quarter valued at $234,000. 11.63% of the stock is owned by institutional investors.

Neonode Company Profile

Neonode Inc, together with its subsidiaries, develops optical sensing solutions for contactless touch, touch, and gesture sensing in the United States, Japan, South Korea, Germany, Switzerland, France, Sweden, China, and internationally. It also offers software solutions for machine perception to detect and track persons and objects in video streams from cameras and other types of imagers.