Neonode (NASDAQ:NEON) Cut to “Strong Sell” at Wall Street Zen

Neonode (NASDAQ:NEON) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “strong sell” rating in a report released on Saturday.

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Neonode in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $6.00.

Neonode Trading Down 2.8%

NASDAQ:NEON opened at $1.40 on Friday. The stock has a 50 day moving average of $1.76 and a two-hundred day moving average of $2.76. The firm has a market cap of $23.49 million, a P/E ratio of -4.38 and a beta of 0.81. Neonode has a 12 month low of $1.34 and a 12 month high of $29.90.

Institutional Investors Weigh In On Neonode

Hedge funds have recently made changes to their positions in the business. Ameritas Investment Partners Inc. acquired a new position in Neonode during the 2nd quarter worth approximately $27,000. Legal & General Group Plc acquired a new stake in shares of Neonode in the second quarter valued at about $29,000. BNP Paribas Financial Markets increased its holdings in Neonode by 238.9% in the second quarter. BNP Paribas Financial Markets now owns 1,820 shares of the electronics maker’s stock valued at $46,000 after buying an additional 1,283 shares in the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Neonode during the 2nd quarter worth approximately $59,000. Finally, New York State Common Retirement Fund purchased a new stake in Neonode during the second quarter worth $125,000. Institutional investors and hedge funds own 11.63% of the company’s stock.

About Neonode

Neonode AB (NASDAQ: NEON) is a technology company specializing in optical-based user interface solutions for electronic devices. The company develops sensor and software platforms that allow touch, gesture and hover interactions through the projection and detection of infrared light. Neonode’s offerings are designed to enable intuitive, reliable and low-power human-machine interfaces across a variety of device categories.

At the core of Neonode’s portfolio are its zForce and Neonode software products, which can be integrated into consumer electronics, automotive systems, home appliances, industrial equipment and Internet of Things applications.