Neonode (NASDAQ:NEON) Announces Quarterly Earnings Results, Hits Estimates

Neonode (NASDAQ:NEON) released its quarterly earnings results on Wednesday. The electronics maker reported ($0.09) EPS for the quarter, hitting the consensus estimate of ($0.09), FiscalAI reports. The firm had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.68 million. Neonode had a negative return on equity of 38.60% and a net margin of 408.88%.

Neonode Stock Performance

Shares of NASDAQ:NEON traded down $0.12 during trading on Wednesday, hitting $1.51. The company’s stock had a trading volume of 30,265 shares, compared to its average volume of 145,404. The company has a market capitalization of $25.30 million, a PE ratio of -4.73 and a beta of 0.81. Neonode has a fifty-two week low of $1.50 and a fifty-two week high of $29.90. The stock’s 50-day moving average price is $1.79 and its two-hundred day moving average price is $2.94.

Institutional Investors Weigh In On Neonode

Hedge funds and other institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. acquired a new position in shares of Neonode in the 1st quarter valued at approximately $393,000. Jane Street Group LLC boosted its stake in shares of Neonode by 137.1% during the 1st quarter. Jane Street Group LLC now owns 47,320 shares of the electronics maker’s stock valued at $385,000 after buying an additional 27,358 shares during the last quarter. JPMorgan Chase & Co. acquired a new stake in shares of Neonode during the second quarter worth approximately $127,000. Legal & General Group Plc acquired a new stake in shares of Neonode during the second quarter worth approximately $29,000. Finally, Rhumbline Advisers bought a new stake in shares of Neonode in the second quarter worth $385,000. 11.63% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Neonode from a “sell” rating to a “hold” rating in a research note on Saturday, December 20th. Weiss Ratings restated a “sell (d)” rating on shares of Neonode in a research note on Monday, December 29th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus 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.