Neonode (NASDAQ:NEON) Stock Passes Above Two Hundred Day Moving Average – Should You Sell?

Shares of Neonode Inc. (NASDAQ:NEON) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred 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 changing hands.

Wall Street Analyst Weigh In

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

Neonode Trading Up 8.6%

The firm’s fifty day simple moving average is $24.36 and its two-hundred day simple moving average is $15.12. The company has a market capitalization of $401.88 million, a price-to-earnings ratio of -33.73 and a beta of 0.79.

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

Hedge Funds Weigh In On Neonode

Large investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. purchased a new position in shares of Neonode during the 2nd quarter worth $27,000. Legal & General Group Plc acquired a new position in Neonode in the second quarter valued at about $29,000. BNP Paribas Financial Markets boosted its stake in Neonode by 238.9% during the second quarter. BNP Paribas Financial Markets now owns 1,820 shares of the electronics maker’s stock worth $46,000 after buying an additional 1,283 shares during the period. Police & Firemen s Retirement System of New Jersey purchased a new position in Neonode during the second quarter worth about $59,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Neonode in the 4th quarter valued at approximately $107,000. Institutional investors and hedge funds own 11.63% of the company’s stock.

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.