Neonode (NASDAQ:NEON) Issues Quarterly 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) posted 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 net margin of 217.85% and a negative return on equity of 38.24%.

Neonode Price Performance

NASDAQ NEON traded down $0.23 during mid-day trading on Wednesday, hitting $22.51. The stock had a trading volume of 182,371 shares, compared to its average volume of 301,057. Neonode has a twelve month low of $2.44 and a twelve month high of $29.90. The firm's 50 day moving average is $22.13 and its 200 day moving average is $13.73. The stock has a market capitalization of $377.72 million, a price-to-earnings ratio of -31.70 and a beta of 0.77.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Neonode

A number of hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. acquired a new position in Neonode during the first quarter worth about $393,000. Jane Street Group LLC lifted its stake in Neonode by 137.1% in the 1st 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 in the last quarter. Rhumbline Advisers acquired a new position in shares of Neonode during the 2nd quarter worth approximately $385,000. JPMorgan Chase & Co. purchased a new stake in shares of Neonode in the second quarter valued at approximately $127,000. Finally, New York State Common Retirement Fund acquired a new stake in shares of Neonode in the second quarter valued at approximately $125,000. 11.63% of the stock is currently owned by institutional investors and hedge funds.

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.

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