Neonc Technologies (NASDAQ:NTHI) Share Price Breaks Above 50 Day Moving Average Following Weak Earnings

Neonc Technologies Holdings, Inc. (NASDAQ:NTHI) shares crossed above its 50 day moving average during trading on Friday after the company announced better than expected quarterly earnings. The stock has a 50 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 traded.

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Roth Capital initiated coverage on Neonc Technologies in a research report on Thursday, September 24th. They issued 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 report on Sunday, October 18th. Zacks Research lowered shares of Neonc Technologies from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 7th. Weiss Ratings cut Neonc Technologies from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, October 21st. Finally, BTIG Research restated a “buy” rating and set a $15.00 target price on shares of Neonc Technologies in a research note on Tuesday, September 8th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $16.00.

Insider Activity

In related news, CEO Amir Heshmatpour purchased 37,000 shares of the business’s stock in a transaction that occurred on Friday, September 11th. The shares were bought at an average cost of $3.67 per share, with a total value of $135,790.00. Following the acquisition, the chief executive officer owned 3,133,000 shares of the company’s stock, valued at $11,498,110. This represents a 1.20% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Chen bought 12,757 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were acquired at an average price of $5.49 per share, with a total value of $70,035.93. Following the transaction, the chief executive officer directly owned 13,705 shares of the company’s stock, valued at approximately $75,240.45. This trade represents a 1,345.68% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have purchased 134,812 shares of company stock worth $530,149.

Institutional Investors Weigh In On Neonc Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE bought a new stake in Neonc Technologies during the 2nd quarter valued at approximately $1,017,000. BlackRock Inc. bought a new position in shares of Neonc Technologies in the 2nd quarter worth approximately $815,000. Westmount Partners LLC lifted its stake in shares of Neonc Technologies by 355.2% in the 2nd quarter. Westmount Partners LLC now owns 197,178 shares of the company’s stock valued at $893,000 after purchasing an additional 153,858 shares during the period. Finally, Global Retirement Partners LLC purchased a new stake in Neonc Technologies in the second quarter worth $126,000.

Neonc Technologies Stock Up 9.1%

The business has a fifty day simple moving average of $3.33 and a 200-day simple moving average of $5.38.

Neonc Technologies Company Profile