Wall Street Zen Downgrades Neonode (NASDAQ:NEON) to Sell

Neonode (NASDAQ:NEON - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Thursday.

Neonode Stock Up 0.0%

Shares of Neonode stock traded up $0.00 during trading on Thursday, reaching $10.10. 28,529 shares of the company were exchanged, compared to its average volume of 279,269. The business has a 50-day moving average price of $9.52 and a 200-day moving average price of $8.60. The firm has a market capitalization of $169.58 million, a price-to-earnings ratio of -14.17 and a beta of 0.45. Neonode has a twelve month low of $1.90 and a twelve month high of $15.00.

Neonode (NASDAQ:NEON - Get Free Report) last issued its earnings results on Wednesday, May 14th. The electronics maker reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.03). The company had revenue of $0.51 million for the quarter, compared to the consensus estimate of $0.65 million. Neonode had a negative return on equity of 67.67% and a negative net margin of 252.78%. On average, equities research analysts forecast that Neonode will post -0.42 EPS for the current fiscal year.

Hedge Funds Weigh In On Neonode

Institutional investors and hedge funds have recently made changes to their positions in the company. Northern Trust Corp raised its stake in Neonode by 654.4% during the 4th quarter. Northern Trust Corp now owns 158,709 shares of the electronics maker's stock worth $1,306,000 after buying an additional 137,671 shares during the period. Goldman Sachs Group Inc. acquired a new position in Neonode in the first quarter valued at about $393,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Neonode in the first quarter worth about $234,000. Jane Street Group LLC raised its position in shares of Neonode by 137.1% during the first 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 during the period. Finally, Renaissance Technologies LLC acquired a new stake in shares of Neonode during the fourth quarter worth about $173,000. Institutional investors and hedge funds own 11.63% of the company's stock.

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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