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

Neonode Inc. (NASDAQ:NEON) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $10.38 and traded as high as $26.85. Neonode shares last traded at $25.38, with a volume of 295,027 shares.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered Neonode from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd.

Neonode Trading Down 1.2%

The stock has a market capitalization of $425.79 million, a price-to-earnings ratio of -35.74 and a beta of 0.78. The stock has a 50-day simple moving average of $14.02 and a 200 day simple moving average of $10.38.

Neonode (NASDAQ:NEON) last posted its quarterly earnings results on Wednesday, May 14th. The electronics maker reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.03). Neonode had a negative return on equity of 38.24% and a negative net margin of 217.85%. The firm had revenue of $0.51 million for the quarter, compared to analysts’ expectations of $0.65 million. Sell-side analysts expect that Neonode Inc. will post -0.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Neonode

A number of hedge funds and other institutional investors have recently made changes to their positions in NEON. Northern Trust Corp raised its stake in shares of Neonode by 654.4% during the 4th quarter. Northern Trust Corp now owns 158,709 shares of the electronics maker’s stock worth $1,306,000 after purchasing an additional 137,671 shares in the last quarter. Goldman Sachs Group Inc. purchased a new stake in shares of Neonode during the 1st quarter worth about $393,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Neonode during the 1st quarter worth about $234,000. Jane Street Group LLC raised its stake in shares of Neonode by 137.1% during the 1st quarter. Jane Street Group LLC now owns 47,320 shares of the electronics maker’s stock worth $385,000 after purchasing an additional 27,358 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Neonode during the 4th quarter worth about $173,000. 11.63% of the stock is owned by hedge funds and other institutional investors.

Neonode Company Profile

Neonode Inc, together with its subsidiaries, develops optical sensing solutions for contactless touch, touch, and gesture sensing in the United States, Japan, South Korea, Germany, Switzerland, France, Sweden, China, and internationally. It also offers software solutions for machine perception to detect and track persons and objects in video streams from cameras and other types of imagers.