Neonode (NASDAQ:NEON) Share Price Passes Above 200 Day Moving Average - Here's Why

Shares of Neonode Inc. (NASDAQ:NEON - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $9.19 and traded as high as $20.73. Neonode shares last traded at $19.04, with a volume of 695,759 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut Neonode from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd.

Neonode Trading Up 7.2%

The firm has a market capitalization of $350.03 million, a P/E ratio of -29.38 and a beta of 0.42. The company has a 50 day simple moving average of $11.48 and a two-hundred day simple moving average of $9.45.

Neonode (NASDAQ:NEON - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The electronics maker reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.03). Neonode had a negative return on equity of 38.24% and a negative net margin of 217.85%. The business had revenue of $0.51 million during the quarter, compared to the consensus estimate of $0.65 million. On average, sell-side analysts expect that Neonode Inc. will post -0.42 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NEON. SBI Securities Co. Ltd. bought a new position in Neonode in the 4th quarter worth approximately $25,000. Geode Capital Management LLC boosted its stake in Neonode by 8.5% in the 4th quarter. Geode Capital Management LLC now owns 136,678 shares of the electronics maker's stock worth $1,125,000 after purchasing an additional 10,732 shares during the period. Renaissance Technologies LLC bought a new position in Neonode in the 4th quarter worth approximately $173,000. Northern Trust Corp boosted its stake in Neonode by 654.4% in the 4th quarter. Northern Trust Corp now owns 158,709 shares of the electronics maker's stock worth $1,306,000 after purchasing an additional 137,671 shares during the period. Finally, Jane Street Group LLC raised its holdings in shares of Neonode by 81.5% during the 4th quarter. Jane Street Group LLC now owns 19,962 shares of the electronics maker's stock worth $164,000 after acquiring an additional 8,962 shares in the last quarter. 11.63% of the stock is currently owned by institutional investors.

About Neonode

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.