Zacks Investment Research lowered shares of Neonode Inc. (NASDAQ:NEON) from a hold rating to a sell rating in a report released on Saturday.

According to Zacks, “Neonode is a company that designs, develops and sells patented technologies and products focused on unique user experiences. With offices in Stockholm, Sweden and San Ramon, California, Neonode Inc. is a company with licenses and products sold worldwide through both direct web sales and local distribution partners. “

Shares of Neonode (NASDAQ:NEON) opened at 1.28 on Friday. Neonode has a 12 month low of $0.96 and a 12 month high of $2.92. The company’s market cap is $62.52 million. The company’s 50-day moving average price is $1.17 and its 200-day moving average price is $1.46.

Neonode (NASDAQ:NEON) last released its quarterly earnings data on Wednesday, November 9th. The company reported ($0.05) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.04. The company had revenue of $3.10 million for the quarter, compared to analyst estimates of $3.20 million. Neonode had a negative return on equity of 1,520.00% and a negative net margin of 72.28%. Equities analysts forecast that Neonode will post ($0.07) EPS for the current fiscal year.

In other Neonode news, insider Bjorn Thomas Eriksson purchased 213,676 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The shares were acquired at an average price of $1.17 per share, with a total value of $250,000.92. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 15.80% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the stock. Laurion Capital Management LP acquired a new position in shares of Neonode during the second quarter valued at approximately $697,000. BlackRock Fund Advisors raised its position in shares of Neonode by 17.3% in the second quarter. BlackRock Fund Advisors now owns 107,266 shares of the company’s stock valued at $157,000 after buying an additional 15,848 shares during the period. Vanguard Group Inc. raised its position in shares of Neonode by 0.7% in the second quarter. Vanguard Group Inc. now owns 1,436,045 shares of the company’s stock valued at $2,097,000 after buying an additional 10,330 shares during the period. Royce & Associates LP raised its position in shares of Neonode by 14.1% in the second quarter. Royce & Associates LP now owns 2,118,561 shares of the company’s stock valued at $3,093,000 after buying an additional 262,500 shares during the period. Finally, Lincoln Capital LLC acquired a new position in shares of Neonode during the second quarter valued at approximately $292,000. 22.92% of the stock is currently owned by institutional investors and hedge funds.

Neonode Company Profile

Neonode Inc, formerly SBE, Inc, develops and licenses user interfaces and optical infrared touch solutions. The Company’s technology offers multiple features, including the ability to sense an object’s size, depth, velocity, pressure and proximity to any type of surface. It operates through the touch technology licensing business segment.

5 Day Chart for NASDAQ:NEON

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