NEW YORK (TheStreet) -- Shares of Neonode (NEON) are up 21.66% to $3.08 on heavy trading volume as the touch screen technology provider is expected to launch a touch technology for PC products at the Consumer Electronics Show (CES) in January, which could be a major trigger for its stock, say Cowen & Co analysts.
Stockholm-based Neonode and fellow Swedish company Autoliv (ALV) , a supplier of automotive safety systems, will introduce the first joint concept "zForce DRIVE - Active Sensor Steering Wheel," which is based on Neonode zForce AIR technology, at CES 2015, January 6 - 9 in Las Vegas.
"The market is on the precipice of a 'touch' paradigm shift, and I believe our latest Touch technologies will be a key enabler of touch devices within the PC and Automotive markets," Neonode CEO Thomas Eriksson said.
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About 2.53 million shares changed hands by 2:08 p.m. in New York, compared to the average of 359,602 shares.
Separately, TheStreet Ratings team rates NEONODE INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate NEONODE INC (NEON) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."