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

Shares of Neonode Inc. (NASDAQ:NEON) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred 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 traded.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of Neonode from a “hold” rating to a “strong sell” rating in a research note on Saturday, March 21st. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $6.00.

Neonode Trading Down 9.2%

The firm’s 50-day moving average is $1.60 and its two-hundred day moving average is $1.79. The stock has a market cap of $28.19 million, a price-to-earnings ratio of -5.25 and a beta of 0.97.

Neonode (NASDAQ:NEON) last released its quarterly 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 company had revenue of $0.61 million for the quarter, compared to analyst estimates of $0.66 million.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Legal & General Group Plc acquired a new position in shares of Neonode during the 2nd quarter worth about $29,000. BNP Paribas Financial Markets raised its position in shares of Neonode by 238.9% during 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 last quarter. New York State Common Retirement Fund acquired a new position in shares of Neonode during the 2nd quarter worth about $125,000. JPMorgan Chase & Co. acquired a new position in shares of Neonode during the 2nd quarter worth about $127,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Neonode during the 2nd quarter worth about $147,000. Institutional investors and hedge funds own 11.63% of the company’s stock.

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.