Neonode Inc. (NASDAQ:NEON) Sees Large Increase in Short Interest

Neonode Inc. (NASDAQ:NEON) was the recipient of a significant increase in short interest in January. As of January 30th, there was short interest totaling 888,135 shares, an increase of 24.5% from the January 15th total of 713,589 shares. Approximately 7.0% of the shares of the stock are short sold. Based on an average daily volume of 177,156 shares, the short-interest ratio is presently 5.0 days. Based on an average daily volume of 177,156 shares, the short-interest ratio is presently 5.0 days. Approximately 7.0% of the shares of the stock are short sold.

Institutional Investors Weigh In On Neonode

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. purchased a new position in Neonode in the second quarter valued at about $27,000. Legal & General Group Plc acquired a new position in Neonode in the second quarter worth $29,000. BNP Paribas Financial Markets raised its stake in Neonode by 238.9% during the second quarter. BNP Paribas Financial Markets now owns 1,820 shares of the electronics maker’s stock worth $46,000 after acquiring an additional 1,283 shares during the period. Police & Firemen s Retirement System of New Jersey acquired a new position in Neonode during the 2nd quarter valued at approximately $59,000. Finally, New York State Common Retirement Fund acquired a new stake in shares of Neonode in the 2nd quarter worth about $125,000. 11.63% of the stock is owned by hedge funds and other institutional investors.

Neonode Price Performance

Shares of NEON traded up $0.08 during mid-day trading on Wednesday, reaching $1.78. The stock had a trading volume of 61,114 shares, compared to its average volume of 167,584. The business’s fifty day moving average is $1.91 and its 200 day moving average is $5.96. The firm has a market cap of $29.87 million, a price-to-earnings ratio of -5.58 and a beta of 0.79. Neonode has a 52-week low of $1.66 and a 52-week high of $29.90.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Neonode in a research report on Monday, December 29th. Wall Street Zen upgraded Neonode from a “sell” rating to a “hold” rating in a report on Saturday, December 20th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $6.00.

About Neonode

Neonode AB (NASDAQ: NEON) is a technology company specializing in optical-based user interface solutions for electronic devices. The company develops sensor and software platforms that allow touch, gesture and hover interactions through the projection and detection of infrared light. Neonode’s offerings are designed to enable intuitive, reliable and low-power human-machine interfaces across a variety of device categories.

At the core of Neonode’s portfolio are its zForce and Neonode software products, which can be integrated into consumer electronics, automotive systems, home appliances, industrial equipment and Internet of Things applications.