Dallas, Texas 09/11/2014 (FINANCIALSTRENDS) – Neonode, Inc (NASDAQ:NEON) known for the advanced touch-based user interface solutions it develops for Equipment Manufacturers and Design Manufacturers, posted gains on the stock market in recent trading activity. The immediate cause of such gains was triggered by Insider Activity.
Gains Driven by Insider Buy
Neonode, Inc (NASDAQ:NEON) on Tuesday September 2, reported the purchase of over 20,000 shares by one of the directors. The purchase was made by Mat Dahlin, with each share priced at $3.00.
As expected, investors too imitated insider activity, driving gains for the multi-sensory technology application developer.
The September 2 insider activity was not a standalone activity. Earlier in August too, the same director had purchased over 40,000 shares paying $3.08 per share. This was preceded by $3.77 per share purchase of 50,000 shares.
Even earlier in May this year, CEO of Neonode, Inc (NASDAQ:NEON) Thomas Eriksson had purchased over 135, 000 shares in three separate tranches.
Patent Issue Drives positivity
The buying activity triggered by CEO, in the first half of the year, was soon reiterated by the issuing of a new patent by the United States Patent and Trademark Office. The patent was related to a sweep gesture, which Neonode Inc had developed.
The update on the patent issue notes that, “on August 19 the US Patent and Trademark Office (USPTO) issued patent #8,812,993 (‘993) for sweep gestures.
The ‘993 patent has 136 patent citations and 44 non-patent citations, and covers transitioning a touch screen device from a tap-absent state.”
The patented ‘touch-and-glide’ gesture will now allow the transition from tap-absent state to tap-activating icon state. Typically this sweep gesture is ideal for tap-absent states and tap-activated icons are also absent.
The current patent will only add to the log of gesture patents which Neonode currently owns in the US. One of the first patents for sweep gestures was first held in 2002 by Neonode.