Neonode (NASDAQ:NEON) Stock Price Crosses Above Two Hundred Day Moving Average After Earnings Miss

Key Points

• Neonode Inc.'s share price surpassed its 200-day moving average following an earnings report, despite posting a loss per share of ($0.12), which missed the consensus estimate by ($0.02).
• The company experienced a negative return on equity of 38.24% and a net margin of 317.26%, while generating revenue of $0.60 million, slightly exceeding analyst expectations.
• Hedge funds have recently increased their holdings in Neonode, with institutional investors owning 11.63% of the stock, reflecting growing interest despite a downgrade in its rating from "hold" to "sell" by Wall Street Zen.

Neonode Inc. (NASDAQ:NEON - Get Free Report)'s share price passed above its 200-day moving average during trading on Thursday following a stronger than expected earnings report. The stock has a 200-day moving average of $13.83 and traded as high as $23.00. Neonode shares last traded at $21.56, with a volume of 199,204 shares trading hands.

The electronics maker reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.02). Neonode had a negative return on equity of 38.24% and a negative net margin of 317.26%. The company had revenue of $0.60 million during the quarter, compared to analyst estimates of $0.57 million.

Analysts Set New Price Targets

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

Institutional Trading of Neonode

A number of hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Neonode during the second quarter valued at about $147,000. New York State Common Retirement Fund purchased a new stake in Neonode during the second quarter valued at about $125,000. XTX Topco Ltd purchased a new stake in Neonode during the second quarter valued at about $281,000. Ameritas Investment Partners Inc. purchased a new stake in Neonode during the second quarter valued at about $27,000. Finally, Rhumbline Advisers acquired a new position in shares of Neonode in the 2nd quarter valued at about $385,000. 11.63% of the stock is owned by hedge funds and other institutional investors.

Neonode Trading Down 4.2%

The company has a market cap of $361.84 million, a price-to-earnings ratio of -30.37 and a beta of 0.77. The business has a fifty day moving average price of $22.36 and a two-hundred day moving average price of $13.83.

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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