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

Neonode Inc. (NASDAQ:NEON) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.79 and traded as high as $1.84. Neonode shares last traded at $1.68, with a volume of 142,685 shares trading hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded Neonode from a “hold” rating to a “strong sell” rating in a report on Saturday, March 21st. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $6.00.

Neonode Stock Performance

The firm has a 50 day moving average of $1.60 and a 200-day moving average of $1.79. The stock has a market capitalization of $28.19 million, a PE ratio of -5.25 and a beta of 0.97.

Neonode (NASDAQ:NEON) last issued its earnings results on Wednesday, May 13th. The electronics maker reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01). Neonode had a negative return on equity of 34.66% and a net margin of 386.64%.The firm had revenue of $0.61 million during the quarter, compared to analyst estimates of $0.66 million.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of NEON. Vanguard Group Inc. increased its position in Neonode by 105.2% in the 3rd quarter. Vanguard Group Inc. now owns 547,807 shares of the electronics maker’s stock worth $1,912,000 after purchasing an additional 280,806 shares during the last quarter. Two Sigma Investments LP acquired a new position in Neonode in the 3rd quarter worth about $749,000. Quadrature Capital Ltd acquired a new position in Neonode in the 4th quarter worth about $159,000. Goldman Sachs Group Inc. acquired a new position in Neonode in the 1st quarter worth about $393,000. Finally, Renaissance Technologies LLC acquired a new position in Neonode in the 1st quarter worth about $67,000. 11.63% of the stock is owned by institutional investors and hedge funds.

Neonode Company Profile

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.