Short Interest in Neonode Inc. (NASDAQ:NEON) Declines By 40.0%

Neonode Inc. (NASDAQ:NEON) saw a large drop in short interest during the month of June. As of June 30th, there was short interest totaling 380,060 shares, a drop of 40.0% from the June 15th total of 633,082 shares. Based on an average daily volume of 437,512 shares, the short-interest ratio is presently 0.9 days. Approximately 2.9% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on NEON shares. Wall Street Zen raised 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 research note on Tuesday, June 16th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Neonode has a consensus rating of “Reduce” and a consensus target price of $6.00.

Neonode Price Performance

NEON stock traded down $0.00 during midday trading on Thursday, reaching $0.86. 23,963 shares of the stock were exchanged, compared to its average volume of 168,911. The company has a fifty day moving average price of $1.32 and a 200 day moving average price of $1.56. Neonode has a 52 week low of $0.72 and a 52 week high of $29.90. The stock has a market capitalization of $14.43 million, a PE ratio of -2.69 and a beta of 1.06.

Neonode (NASDAQ:NEON) last posted its quarterly earnings data on Wednesday, May 13th. The electronics maker reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). Neonode had a net margin of 386.64% and a negative return on equity of 34.66%. The firm had revenue of $0.61 million during the quarter, compared to the consensus estimate of $0.66 million.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NEON. Legal & General Group Plc bought a new stake in shares of Neonode during the 2nd quarter valued at about $29,000. BNP Paribas Financial Markets grew its stake in Neonode by 238.9% during 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. New York State Common Retirement Fund bought a new stake in Neonode in the second quarter worth approximately $125,000. JPMorgan Chase & Co. bought a new stake in Neonode in the second quarter worth approximately $127,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Neonode in the second quarter valued at approximately $147,000. 11.63% of the stock is 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.