Neonode (NASDAQ:NEON) Releases Earnings Results, Misses Estimates By $0.02 EPS

Neonode (NASDAQ:NEON) posted its quarterly earnings results on Wednesday. The electronics maker reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.02), FiscalAI reports. The company had revenue of $0.48 million for the quarter, compared to the consensus estimate of $0.88 million. Neonode had a net margin of 386.64% and a negative return on equity of 34.66%.

Neonode Stock Performance

Shares of Neonode stock opened at $0.98 on Thursday. Neonode has a one year low of $0.72 and a one year high of $26.95. The company has a market capitalization of $16.51 million, a PE ratio of -3.07 and a beta of 1.09. The company has a 50-day simple moving average of $0.98 and a two-hundred day simple moving average of $1.41.

Analyst Ratings Changes

A number of research firms have recently issued reports on NEON. Weiss Ratings reissued a “sell (d)” rating on shares of Neonode in a research report on Tuesday, June 16th. Wall Street Zen raised shares of Neonode to a “sell” rating in a research report on Saturday, July 4th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $6.00.

Institutional Investors Weigh In On Neonode

Several institutional investors have recently bought and sold shares of NEON. Legal & General Group Plc purchased a new stake in shares of Neonode during the second quarter valued at $29,000. BNP Paribas Financial Markets raised its position in Neonode by 238.9% during 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. New York State Common Retirement Fund acquired a new position in shares of Neonode in the 2nd quarter valued at $125,000. JPMorgan Chase & Co. acquired a new stake in shares of Neonode during the 2nd quarter valued at about $127,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Neonode in the 2nd quarter valued at about $147,000. 11.63% of the stock is currently owned by institutional investors and hedge funds.

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.