Neonode (NASDAQ:NEON) Announces Quarterly Earnings Results, Hits Expectations

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

Neonode Stock Performance

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

Wall Street Analysts Forecast Growth

NEON has been the topic of a number of 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 downgraded shares of Neonode from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $16.50 to $6.00 in a research report on Thursday, September 4th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $6.00.

Institutional Investors Weigh In On Neonode

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Neonode by 105.2% in the third quarter. Vanguard Group Inc. now owns 547,807 shares of the electronics maker’s stock worth $1,912,000 after buying an additional 280,806 shares in the last quarter. Goldman Sachs Group Inc. purchased a new position in Neonode in the 1st quarter worth approximately $393,000. Jane Street Group LLC boosted its holdings in shares of Neonode by 137.1% during the 1st quarter. Jane Street Group LLC now owns 47,320 shares of the electronics maker’s stock worth $385,000 after purchasing an additional 27,358 shares during the last quarter. Rhumbline Advisers acquired a new position in shares of Neonode during the 2nd quarter worth approximately $385,000. Finally, Bank of America Corp DE grew its position in shares of 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 in the last quarter. Hedge funds and other institutional investors own 11.63% of the company’s stock.

Neonode Company Profile

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.