Neonode Inc. (NASDAQ:NEON) shot up 5.7% during mid-day trading on Wednesday . The company traded as high as $0.95 and last traded at $0.92. 638,043 shares traded hands during trading, an increase of 355% from the average session volume of 140,107 shares. The stock had previously closed at $0.87.
A number of brokerages have recently issued reports on NEON. ValuEngine cut Neonode from a “hold” rating to a “sell” rating in a research note on Monday, October 16th. Cowen reiterated an “outperform” rating and set a $3.00 price objective (down previously from $4.00) on shares of Neonode in a research note on Friday, August 11th. Zacks Investment Research cut Neonode from a “hold” rating to a “sell” rating in a research note on Wednesday, August 16th. Finally, Craig Hallum cut Neonode from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th.
The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.59 and a current ratio of 3.12.
An institutional investor recently raised its position in Neonode stock. Royce & Associates LP boosted its holdings in Neonode Inc. (NASDAQ:NEON) by 9.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,218,614 shares of the electronics maker’s stock after acquiring an additional 186,575 shares during the period. Royce & Associates LP owned 4.54% of Neonode worth $2,396,000 as of its most recent filing with the Securities and Exchange Commission. 14.59% of the stock is owned by hedge funds and other institutional investors.
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Neonode Company Profile
Neonode Inc, formerly SBE, Inc, develops and licenses user interfaces and optical infrared touch solutions. The Company’s technology offers multiple features, including the ability to sense an object’s size, depth, velocity, pressure and proximity to any type of surface. It operates through the touch technology licensing business segment.
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