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

Neonode (NASDAQ:NEON) released its earnings results on Wednesday. The electronics maker reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02), FiscalAI reports. Neonode had a negative return on equity of 31.04% and a net margin of 397.84%.The company had revenue of $0.48 million during the quarter, compared to the consensus estimate of $0.88 million.

Neonode Price Performance

Shares of Neonode stock traded up $0.07 during trading on Friday, reaching $0.95. 14,703 shares of the stock traded hands, compared to its average volume of 160,821. The company has a market capitalization of $16.01 million, a price-to-earnings ratio of -2.98 and a beta of 1.09. Neonode has a 52-week low of $0.72 and a 52-week high of $26.95. The business has a fifty day simple moving average of $0.96 and a two-hundred day simple moving average of $1.41.

Institutional Investors Weigh In On Neonode

Institutional investors have recently modified their holdings of the stock. Legal & General Group Plc bought a new stake in shares of Neonode in the second quarter valued at about $29,000. BNP Paribas Financial Markets raised its position in shares of Neonode by 238.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,820 shares of the electronics maker’s stock worth $46,000 after acquiring an additional 1,283 shares in the last quarter. New York State Common Retirement Fund purchased a new position in Neonode in the second quarter valued at about $125,000. JPMorgan Chase & Co. bought a new position in Neonode in the second quarter worth about $127,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Neonode during the second quarter valued at about $147,000. 11.63% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

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.