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Neonode (NASDAQ:NEON) Shares Pass Above 200 Day Moving Average - Time to Sell?

Neonode logo with Computer and Technology background

Neonode Inc. (NASDAQ:NEON - Get Free Report)'s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $12.70 and traded as high as $25.37. Neonode shares last traded at $22.48, with a volume of 369,973 shares changing hands.

Analyst Ratings Changes

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

Read Our Latest Analysis on NEON

Neonode Stock Up 9.5%

The company has a market capitalization of $370.67 million, a price-to-earnings ratio of -31.11 and a beta of 0.78. The firm has a 50 day moving average price of $19.90 and a two-hundred day moving average price of $12.84.

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

Hedge Funds Weigh In On Neonode

A number of large investors have recently bought and sold shares of the business. Northern Trust Corp lifted its holdings in Neonode by 654.4% in the fourth quarter. Northern Trust Corp now owns 158,709 shares of the electronics maker's stock worth $1,306,000 after acquiring an additional 137,671 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Neonode by 8.5% in the fourth quarter. Geode Capital Management LLC now owns 136,678 shares of the electronics maker's stock worth $1,125,000 after acquiring an additional 10,732 shares during the last quarter. Goldman Sachs Group Inc. bought a new position in Neonode in the first quarter worth about $393,000. Jane Street Group LLC lifted its holdings in Neonode by 137.1% in the first quarter. Jane Street Group LLC now owns 47,320 shares of the electronics maker's stock worth $385,000 after acquiring an additional 27,358 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp bought a new position in Neonode in the first quarter worth about $234,000. Institutional investors own 11.63% of the company's stock.

About Neonode

(Get Free Report)

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.

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