Neonode Inc. (NASDAQ:NEON) Short Interest Down 28.2% in October

Neonode Inc. (NASDAQ:NEON) was the recipient of a large decline in short interest in October. As of October 15th, there was short interest totaling 1,020,000 shares, a decline of 28.2% from the September 30th total of 1,420,000 shares. Approximately 8.0% of the company’s shares are short sold. Based on an average daily volume of 2,450,000 shares, the short-interest ratio is presently 0.4 days. Based on an average daily volume of 2,450,000 shares, the short-interest ratio is presently 0.4 days. Approximately 8.0% of the company’s shares are short sold.

Institutional Investors Weigh In On Neonode

Several hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its stake in shares of Neonode by 87.6% in the second quarter. Geode Capital Management LLC now owns 269,840 shares of the electronics maker’s stock worth $6,882,000 after acquiring an additional 125,970 shares during the last quarter. Goldman Sachs Group Inc. bought a new position in Neonode in the 1st quarter worth about $393,000. Jane Street Group LLC grew its position in 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 purchasing an additional 27,358 shares during the last quarter. OMERS ADMINISTRATION Corp bought a new stake in Neonode during the 1st quarter valued at about $234,000. Finally, Rhumbline Advisers purchased a new position in Neonode in the second quarter worth about $385,000. 11.63% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on NEON shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Neonode in a research note on Wednesday, October 8th. LADENBURG THALM/SH SH downgraded Neonode from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $16.50 to $6.00 in a report on Thursday, September 4th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Neonode currently has a consensus rating of “Reduce” and an average price target of $6.00.

Neonode Trading Down 5.3%

NEON traded down $0.16 during midday trading on Monday, reaching $2.88. The company’s stock had a trading volume of 428,881 shares, compared to its average volume of 904,670. Neonode has a 1 year low of $2.79 and a 1 year high of $29.90. The stock’s 50-day moving average is $6.43 and its 200-day moving average is $13.97. The firm has a market capitalization of $48.34 million, a price-to-earnings ratio of -9.60 and a beta of 0.52.

Neonode (NASDAQ:NEON) last released its earnings results on Wednesday, August 13th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). The business had revenue of $0.60 million for the quarter, compared to analysts’ expectations of $0.57 million. Neonode had a negative net margin of 241.38% and a negative return on equity of 40.64%. As a group, equities research analysts forecast that Neonode will post -0.42 earnings per share for the current fiscal year.

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.