Neonode (NASDAQ:NEON) Releases Earnings Results

Key Points

• Neonode reported a quarterly loss of ($0.12) per share, missing the estimated loss of ($0.10) by ($0.02).
• The stock experienced a price drop during trading, falling to $22.51, and has a market cap of $377.72 million.
• Wall Street analysts downgraded Neonode from a "hold" rating to a "sell" rating, reflecting a negative outlook on the company's performance.

Neonode (NASDAQ:NEON - Get Free Report) issued its quarterly earnings data on Wednesday. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02), Zacks reports. Neonode had a negative return on equity of 40.64% and a negative net margin of 241.38%. The company had revenue of $0.60 million for the quarter, compared to analyst estimates of $0.57 million.

Neonode Price Performance

NASDAQ:NEON traded up $0.41 on Monday, reaching $23.15. The stock had a trading volume of 94,172 shares, compared to its average volume of 211,824. Neonode has a 12-month low of $2.56 and a 12-month high of $29.90. The company has a market cap of $388.44 million, a price-to-earnings ratio of -32.56 and a beta of 0.77. The firm's fifty day moving average is $22.61 and its two-hundred day moving average is $14.00.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded Neonode from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd.

Institutional Investors Weigh In On Neonode

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Legal & General Group Plc purchased a new position in shares of Neonode during the second quarter valued at approximately $29,000. BNP Paribas Financial Markets grew its stake in Neonode by 238.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,820 shares of the electronics maker's stock worth $46,000 after acquiring an additional 1,283 shares during the period. New York State Common Retirement Fund acquired a new position in Neonode in the 2nd quarter valued at $125,000. JPMorgan Chase & Co. acquired a new position in Neonode in the 2nd quarter valued at $127,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Neonode during the 2nd quarter worth $147,000. 11.63% of the stock is currently owned by hedge funds and other institutional investors.

Neonode Company Profile

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.