Neonode (NASDAQ:NEON) Issues Quarterly Earnings Results

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

Neonode Price Performance

Shares of NEON stock traded down $0.07 during trading on Wednesday, reaching $1.64. The company had a trading volume of 71,886 shares, compared to its average volume of 101,589. The firm’s 50 day simple moving average is $1.55 and its two-hundred day simple moving average is $1.90. Neonode has a one year low of $1.27 and a one year high of $29.90. The company has a market capitalization of $27.52 million, a PE ratio of -5.13 and a beta of 1.00.

Hedge Funds Weigh In On Neonode

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. 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 during the last quarter. Two Sigma Investments LP acquired a new position in Neonode in the 3rd quarter valued at $749,000. Quadrature Capital Ltd bought a new position in Neonode in the 4th quarter worth $159,000. Goldman Sachs Group Inc. bought a new position in Neonode in the 1st quarter worth $393,000. Finally, Squarepoint Ops LLC acquired a new position in Neonode during the 3rd quarter worth $155,000. Institutional investors and hedge funds own 11.63% of the company’s stock.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of Neonode from a “hold” rating to a “strong sell” rating in a report on Saturday, March 21st. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Neonode presently has an average rating of “Reduce” and a consensus 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.