Neonode (NASDAQ:NEON) Shares Cross Above 200 Day Moving Average – Here’s Why

Neonode Inc. (NASDAQ:NEON) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $8.31 and traded as high as $9.00. Neonode shares last traded at $8.85, with a volume of 76,849 shares traded.

Neonode Stock Up 3.0 %

The stock has a market cap of $148.53 million, a P/E ratio of -12.46 and a beta of 1.99. The firm has a 50 day simple moving average of $8.66 and a 200-day simple moving average of $8.31.

Institutional Investors Weigh In On Neonode

A number of large investors have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. bought a new position in shares of Neonode in the fourth quarter valued at about $25,000. Squarepoint Ops LLC bought a new position in Neonode in the 4th quarter valued at about $107,000. Jane Street Group LLC raised its holdings in Neonode by 81.5% in the 4th quarter. Jane Street Group LLC now owns 19,962 shares of the electronics maker’s stock valued at $164,000 after acquiring an additional 8,962 shares during the period. Renaissance Technologies LLC acquired a new stake in Neonode during the fourth quarter worth approximately $173,000. Finally, Centiva Capital LP bought a new stake in shares of Neonode during the third quarter worth approximately $201,000. Institutional investors own 11.63% of the company’s stock.

About Neonode

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.