Neonc Technologies (NASDAQ:NTHI) Stock Price Crosses Above 50 Day Moving Average on Disappointing Earnings

Neonc Technologies Holdings, Inc. (NASDAQ:NTHI) passed above its fifty day moving average during trading on Friday following a better than expected earnings announcement. The stock has a fifty day moving average of $3.33 and traded as high as $3.52. Neonc Technologies shares last traded at $3.49, with a volume of 227,875 shares changing hands.

The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03).

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NTHI. Zacks Research lowered Neonc Technologies from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 7th. BTIG Research reaffirmed a “buy” rating and issued a $15.00 price target on shares of Neonc Technologies in a research note on Tuesday, September 8th. Roth Capital assumed coverage on shares of Neonc Technologies in a report on Thursday, September 24th. They set a “buy” rating for the company. Wall Street Zen raised shares of Neonc Technologies from a “strong sell” rating to a “sell” rating in a research report on Sunday, October 18th. Finally, Weiss Ratings lowered shares of Neonc Technologies from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, October 21st. Four research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $16.00.

Insider Activity

In other news, CEO Amir F. Heshmatpour purchased 35,000 shares of the company’s stock in a transaction on Tuesday, September 15th. The shares were acquired at an average price of $3.30 per share, for a total transaction of $115,500.00. Following the purchase, the chief executive officer owned 3,183,000 shares in the company, valued at $10,503,900. This trade represents a 1.11% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas C. Chen bought 12,757 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was purchased at an average price of $5.49 per share, for a total transaction of $70,035.93. Following the transaction, the chief executive officer owned 13,705 shares of the company’s stock, valued at $75,240.45. The trade was a 1,345.68% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders acquired 134,812 shares of company stock valued at $530,149.

Hedge Funds Weigh In On Neonc Technologies

Several institutional investors have recently made changes to their positions in the company. Global Retirement Partners LLC purchased a new position in shares of Neonc Technologies in the 2nd quarter valued at about $126,000. BlackRock Inc. acquired a new stake in Neonc Technologies in the second quarter valued at approximately $815,000. Westmount Partners LLC raised its stake in shares of Neonc Technologies by 355.2% during the 2nd quarter. Westmount Partners LLC now owns 197,178 shares of the company’s stock worth $893,000 after buying an additional 153,858 shares during the period. Finally, Bank of America Corp DE purchased a new position in shares of Neonc Technologies during the 2nd quarter valued at approximately $1,017,000.

Neonc Technologies Stock Up 9.1%

The business’s 50 day moving average is $3.33 and its 200-day moving average is $5.38.

About Neonc Technologies