Neonode (NASDAQ:NEON) Stock Price Passes Above 200-Day Moving Average - Time to Sell?

Key Points

• Neonode Inc. (NASDAQ:NEON) recently saw its stock price cross above the 200-day moving average, trading at $25.00 after a high of $26.01.
• Analysts have cut their rating from "hold" to "sell," with a consensus rating of "Buy" and an average price target of $16.50.
• Neonode reported a quarterly loss of ($0.12) per share, missing estimates, with a negative net margin of 241.38% and forecasted earnings of -0.42 EPS for the current fiscal year.

Neonode Inc. (NASDAQ:NEON - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $14.45 and traded as high as $26.01. Neonode shares last traded at $25.00, with a volume of 303,943 shares traded.

Analysts Set New Price Targets

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

Neonode Stock Performance

The firm has a market cap of $419.50 million, a PE ratio of -35.21 and a beta of 0.77. The firm has a fifty day simple moving average of $23.87 and a two-hundred day simple moving average of $14.45.

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

Hedge Funds Weigh In On Neonode

Several institutional investors have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. purchased a new position in Neonode during the 2nd quarter valued at approximately $27,000. Legal & General Group Plc purchased a new position in shares of Neonode in the 2nd quarter worth approximately $29,000. BNP Paribas Financial Markets boosted its holdings 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 worth $46,000 after purchasing an additional 1,283 shares during the period. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Neonode in the 2nd quarter worth approximately $59,000. Finally, New York State Common Retirement Fund purchased a new position in shares of Neonode in the 2nd quarter worth approximately $125,000. Hedge funds and other institutional investors own 11.63% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.