Neonode (NASDAQ:NEON) Releases Quarterly Earnings Results, Meets Estimates

Neonode (NASDAQ:NEON) released its earnings results on Thursday. The electronics maker reported ($0.09) EPS for the quarter, hitting analysts’ consensus estimates of ($0.09), Zacks reports. Neonode had a negative net margin of 241.38% and a negative return on equity of 40.64%. The company had revenue of $0.65 million during the quarter, compared to analysts’ expectations of $0.65 million.

Neonode Stock Up 0.9%

Shares of Neonode stock traded up $0.02 on Friday, hitting $2.35. 281,740 shares of the company were exchanged, compared to its average volume of 896,615. The company has a 50-day moving average price of $4.78 and a 200 day moving average price of $13.72. The stock has a market capitalization of $39.44 million, a price-to-earnings ratio of -7.83 and a beta of 0.51. Neonode has a 1-year low of $2.20 and a 1-year high of $29.90.

Institutional Trading of Neonode

Several hedge funds have recently made changes to their positions in NEON. Vanguard Group Inc. boosted its position in Neonode by 105.2% in the 3rd quarter. Vanguard Group Inc. now owns 547,807 shares of the electronics maker’s stock valued at $1,912,000 after buying an additional 280,806 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Neonode by 238.9% in the second quarter. BNP Paribas Financial Markets now owns 1,820 shares of the electronics maker’s stock valued at $46,000 after acquiring an additional 1,283 shares in the last quarter. Bank of America Corp DE boosted its holdings in Neonode by 11,488.8% in the second quarter. Bank of America Corp DE now owns 12,400 shares of the electronics maker’s stock valued at $316,000 after purchasing an additional 12,293 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Neonode during the 2nd quarter worth $147,000. Finally, New York State Common Retirement Fund purchased a new stake in Neonode during the 2nd quarter worth about $125,000. Hedge funds and other institutional investors own 11.63% of the company’s stock.

Wall Street Analyst Weigh In

NEON has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Neonode in a research note on Wednesday, October 8th. LADENBURG THALM/SH SH cut shares of Neonode from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $16.50 to $6.00 in a research report on Thursday, September 4th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $6.00.

About Neonode

Neonode Inc, together with its subsidiaries, develops optical sensing solutions for contactless touch, touch, and gesture sensing in the United States, Japan, South Korea, Germany, Switzerland, France, Sweden, China, and internationally. It also offers software solutions for machine perception to detect and track persons and objects in video streams from cameras and other types of imagers.