Neonode (NASDAQ:NEON) Issues Quarterly Earnings Results

Neonode (NASDAQ:NEON) announced its quarterly earnings data on Wednesday. The electronics maker reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02), FiscalAI reports. Neonode had a net margin of 386.64% and a negative return on equity of 34.66%. The firm had revenue of $0.48 million during the quarter, compared to analysts’ expectations of $0.88 million.

Neonode Stock Up 5.1%

Shares of NASDAQ NEON traded up $0.05 during mid-day trading on Wednesday, hitting $1.03. 82,276 shares of the company were exchanged, compared to its average volume of 161,359. The stock has a 50 day simple moving average of $0.99 and a 200-day simple moving average of $1.42. Neonode has a 1-year low of $0.72 and a 1-year high of $26.95. The firm has a market cap of $17.28 million, a price-to-earnings ratio of -3.22 and a beta of 1.09.

Institutional Trading of Neonode

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Neonode by 105.2% during the 3rd quarter. Vanguard Group Inc. now owns 547,807 shares of the electronics maker’s stock worth $1,912,000 after purchasing an additional 280,806 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Neonode by 9.5% in the 4th quarter. Geode Capital Management LLC now owns 295,006 shares of the electronics maker’s stock worth $513,000 after acquiring an additional 25,612 shares during the period. State Street Corp grew its position in Neonode by 17.0% in the fourth quarter. State Street Corp now owns 249,104 shares of the electronics maker’s stock valued at $433,000 after acquiring an additional 36,244 shares in the last quarter. Two Sigma Investments LP acquired a new position in shares of Neonode during the third quarter worth $749,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Neonode in the 4th quarter valued at approximately $159,000. Institutional investors and hedge funds own 11.63% of the company’s stock.

Analysts Set New Price Targets

NEON has been the subject of a number of research analyst reports. Wall Street Zen raised Neonode to a “sell” rating in a report on Saturday, July 4th. Weiss Ratings reissued a “sell (d)” rating on shares of Neonode in a report on Tuesday, June 16th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price 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.