Neonode (NASDAQ:NEON) Trading 2.6% Higher – Still a Buy?

Shares of Neonode Inc. (NASDAQ:NEON) rose 2.6% on Monday . The company traded as high as $8.11 and last traded at $7.97. Approximately 98,870 shares traded hands during trading, a decline of 63% from the average daily volume of 267,153 shares. The stock had previously closed at $7.77.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on NEON. LADENBURG THALM/SH SH assumed coverage on Neonode in a report on Friday, October 18th. They issued a “buy” rating and a $16.50 price target on the stock. StockNews.com upgraded shares of Neonode to a “sell” rating in a report on Friday, November 8th.

Neonode Trading Up 2.6 %

The company has a market capitalization of $133.74 million, a P/E ratio of -11.23 and a beta of 2.00. The business has a 50 day moving average price of $7.61 and a 200 day moving average price of $5.48.

Institutional Trading of Neonode

Several hedge funds have recently added to or reduced their stakes in NEON. Centiva Capital LP acquired a new position in Neonode in the third quarter valued at about $201,000. State Street Corp lifted its holdings in shares of Neonode by 50.5% during the 3rd 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 in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Neonode by 12.1% in the 3rd quarter. Geode Capital Management LLC now owns 125,946 shares of the electronics maker’s stock valued at $1,146,000 after purchasing an additional 13,590 shares during the period. Institutional investors and hedge funds own 11.63% of the company’s stock.

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.