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

Neonode (NASDAQ:NEON) released its quarterly earnings results on Wednesday. The electronics maker reported ($0.09) EPS for the quarter, hitting analysts’ consensus estimates of ($0.09), FiscalAI reports. Neonode had a negative return on equity of 38.60% and a net margin of 408.88%.The business had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.68 million.

Neonode Stock Down 5.5%

NASDAQ:NEON traded down $0.09 during trading hours on Wednesday, hitting $1.54. 17,241 shares of the stock were exchanged, compared to its average volume of 145,409. The company has a market capitalization of $25.84 million, a P/E ratio of -4.81 and a beta of 0.81. The company’s 50 day moving average is $1.79 and its two-hundred day moving average is $2.94. Neonode has a twelve month low of $1.50 and a twelve month high of $29.90.

Institutional Investors Weigh In On Neonode

Institutional investors and hedge funds have recently made changes to their positions in the company. Legal & General Group Plc acquired a new position in shares of Neonode during the second quarter valued at $29,000. Russell Investments Group Ltd. acquired a new stake in Neonode in the third quarter worth about $34,000. BNP Paribas Financial Markets increased its position in Neonode by 238.9% in the second quarter. BNP Paribas Financial Markets now owns 1,820 shares of the electronics maker’s stock worth $46,000 after purchasing an additional 1,283 shares during the period. Goldman Sachs Group Inc. bought a new stake in Neonode during the 4th quarter worth about $53,000. Finally, Jain Global LLC bought a new stake in Neonode during the 4th quarter worth about $59,000. Institutional investors own 11.63% of the company’s stock.

Analyst Ratings Changes

NEON has been the topic of a number of recent analyst reports. Wall Street Zen raised Neonode from a “sell” rating to a “hold” rating in a research note on Saturday, December 20th. Weiss Ratings restated a “sell (d)” rating on shares of Neonode in a research note on Monday, December 29th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $6.00.

Neonode Company Profile

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.