Neonode (NASDAQ:NEON) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Neonode Inc. (NASDAQ:NEON) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $6.59 and traded as high as $8.14. Neonode shares last traded at $7.97, with a volume of 59,534 shares trading hands.

Analysts Set New Price Targets

NEON has been the subject of several research reports. StockNews.com raised Neonode to a “sell” rating in a report on Friday, November 8th. LADENBURG THALM/SH SH began coverage on shares of Neonode in a research report on Friday, October 18th. They issued a “buy” rating and a $16.50 price objective on the stock.

Neonode Stock Up 1.7 %

The business’s fifty day moving average price is $7.76 and its 200 day moving average price is $6.59. The firm has a market capitalization of $133.74 million, a PE ratio of -11.23 and a beta of 1.96.

Institutional Trading of Neonode

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC lifted its stake in shares of Neonode by 12.1% during the 3rd quarter. Geode Capital Management LLC now owns 125,946 shares of the electronics maker’s stock worth $1,146,000 after purchasing an additional 13,590 shares during the period. State Street Corp increased its stake in Neonode by 50.5% in the third quarter. State Street Corp now owns 45,911 shares of the electronics maker’s stock valued at $418,000 after purchasing an additional 15,400 shares during the last quarter. Finally, Centiva Capital LP purchased a new position in Neonode during the third quarter worth about $201,000. 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.