Neonode (NASDAQ:NEON) Issues Earnings Results

Neonode (NASDAQ:NEON) announced its quarterly earnings data on Wednesday. The electronics maker reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01), FiscalAI reports. The company had revenue of $0.61 million for the quarter, compared to analysts’ expectations of $0.66 million. Neonode had a net margin of 411.88% and a negative return on equity of 37.98%.

Neonode Trading Down 4.1%

NASDAQ:NEON traded down $0.07 during trading hours on Wednesday, reaching $1.64. 71,886 shares of the company traded hands, compared to its average volume of 101,589. The business’s 50-day moving average price is $1.55 and its two-hundred day moving average price is $1.90. The stock has a market capitalization of $27.52 million, a P/E ratio of -5.13 and a beta of 1.00. Neonode has a 1 year low of $1.27 and a 1 year high of $29.90.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Neonode from a “hold” rating to a “strong sell” rating in a research note on Saturday, March 21st. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Neonode presently has an average rating of “Reduce” and a consensus target price of $6.00.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of NEON. Goldman Sachs Group Inc. purchased a new position in shares of Neonode in the first quarter worth $393,000. Jane Street Group LLC raised its stake in shares of Neonode by 137.1% in the first 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. JPMorgan Chase & Co. purchased a new position in shares of Neonode in the second quarter worth $127,000. Legal & General Group Plc purchased a new position in shares of Neonode in the second quarter worth $29,000. Finally, Rhumbline Advisers purchased a new position in shares of Neonode in the second quarter worth $385,000. Hedge funds and other institutional investors own 11.63% of the company’s stock.

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.