Neonode (NASDAQ:NEON) Lowered to Neutral Rating by LADENBURG THALM/SH SH

Key Points

• Neonode has been downgraded from a "buy" rating to a "neutral" rating by LADENBURG THALM/SH SH, with a price target of $6.00, indicating a potential downside of 72.12% from its current stock price.
• The company's recent earnings report revealed a loss of ($0.12) EPS, missing expectations, while it had revenue of $0.60 million, slightly above analyst estimates.
• Institutional investors have increased their stakes in Neonode, highlighting ongoing interest despite recent downgrades; however, institutional ownership remains at 11.63% of the company's stock.

LADENBURG THALM/SH SH downgraded shares of Neonode (NASDAQ:NEON - Free Report) from a buy rating to a neutral rating in a research report sent to investors on Thursday, Marketbeat Ratings reports. LADENBURG THALM/SH SH currently has $6.00 price objective on the electronics maker's stock, down from their previous price objective of $16.50.

Separately, Wall Street Zen lowered Neonode from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. One analyst has rated the stock with a Hold rating, According to MarketBeat, Neonode currently has an average rating of "Hold" and an average target price of $6.00.

Neonode Stock Performance

NASDAQ NEON traded down $0.14 during trading hours on Thursday, hitting $4.71. The company had a trading volume of 2,985,012 shares, compared to its average volume of 894,917. Neonode has a 52 week low of $3.80 and a 52 week high of $29.90. The firm has a 50 day simple moving average of $23.27 and a 200 day simple moving average of $15.19. The firm has a market capitalization of $79.08 million, a price-to-earnings ratio of -6.65 and a beta of 0.79.

Neonode (NASDAQ:NEON - Get Free Report) last issued its earnings results on Wednesday, August 13th. The electronics maker reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.02). The company had revenue of $0.60 million during the quarter, compared to the consensus estimate of $0.57 million. Neonode had a negative return on equity of 40.64% and a negative net margin of 241.38%. On average, research analysts forecast that Neonode will post -0.42 earnings per share for the current year.

Institutional Trading of Neonode

Institutional investors and hedge funds have recently made changes to their positions in the company. Ameritas Investment Partners Inc. purchased a new stake in shares of Neonode during the 2nd quarter worth $27,000. Legal & General Group Plc purchased a new stake in shares of Neonode during the 2nd quarter worth $29,000. BNP Paribas Financial Markets lifted its stake 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 worth $46,000 after purchasing an additional 1,283 shares during the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Neonode during the 2nd quarter worth $59,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Neonode during the 4th quarter worth $107,000. 11.63% of the stock is currently owned by institutional investors.

About Neonode

Neonode Inc, together with its subsidiaries, develops optical sensing solutions for contactless touch, touch, and gesture sensing in the United States, Japan, South Korea, Germany, Switzerland, France, Sweden, China, and internationally. It also offers software solutions for machine perception to detect and track persons and objects in video streams from cameras and other types of imagers.