Neonode (NASDAQ:NEON) Announces Earnings Results

Neonode (NASDAQ:NEON) posted its quarterly earnings data on Wednesday, March 18th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03), FiscalAI reports. Neonode had a net margin of 411.88% and a negative return on equity of 37.98%. The business had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.68 million.

Neonode Stock Down 4.0%

Shares of NEON stock traded down $0.06 on Friday, reaching $1.30. The company had a trading volume of 56,934 shares, compared to its average volume of 143,152. The stock has a market capitalization of $21.90 million, a PE ratio of -4.08 and a beta of 0.81. The business’s 50-day moving average is $1.72 and its 200 day moving average is $2.43. Neonode has a one year low of $1.28 and a one year high of $29.90.

Institutional Investors Weigh In On Neonode

Several large investors have recently made changes to their positions in NEON. Legal & General Group Plc purchased a new stake in Neonode during the 2nd quarter valued at about $29,000. BNP Paribas Financial Markets boosted its holdings in Neonode by 238.9% in 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 in the last quarter. New York State Common Retirement Fund purchased a new position in Neonode in the 2nd quarter worth approximately $125,000. JPMorgan Chase & Co. bought a new position in Neonode in the 2nd quarter valued at approximately $127,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Neonode during the 2nd quarter valued at $147,000. 11.63% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on NEON shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Neonode in a research note on Monday, December 29th. Wall Street Zen cut shares of Neonode from a “hold” rating to a “strong sell” rating in a research report on Saturday, March 21st. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Neonode has a consensus rating of “Reduce” and an average price target of $6.00.

Neonode Company Profile

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.