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

Neonode (NASDAQ:NEON) announced its quarterly earnings results on Wednesday. The electronics maker reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02), FiscalAI reports. The company had revenue of $0.48 million during the quarter, compared to the consensus estimate of $0.88 million. Neonode had a net margin of 386.64% and a negative return on equity of 34.66%.

Neonode Stock Performance

Shares of NASDAQ:NEON traded up $0.06 on Wednesday, reaching $1.04. The company’s stock had a trading volume of 79,360 shares, compared to its average volume of 161,345. The company has a 50-day simple moving average of $0.99 and a 200 day simple moving average of $1.42. Neonode has a 52-week low of $0.72 and a 52-week high of $26.95. The company has a market cap of $17.45 million, a P/E ratio of -3.25 and a beta of 1.09.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NEON. Legal & General Group Plc bought a new stake in Neonode during the second quarter worth approximately $29,000. BNP Paribas Financial Markets increased its position in shares of Neonode by 238.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,820 shares of the electronics maker’s stock valued at $46,000 after purchasing an additional 1,283 shares during the last quarter. New York State Common Retirement Fund bought a new position in shares of Neonode during the 2nd quarter valued at approximately $125,000. JPMorgan Chase & Co. purchased a new stake in Neonode during the 2nd quarter valued at $127,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Neonode in the second quarter worth $147,000. Hedge funds and other institutional investors own 11.63% of the company’s stock.

Analyst Ratings Changes

NEON has been the subject of a number of research analyst reports. Wall Street Zen upgraded Neonode to a “sell” rating in a research report on Saturday, July 4th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Neonode in a research note on Tuesday, June 16th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target 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.