Weiss Ratings Reaffirms "Sell (D-)" Rating for Neonode (NASDAQ:NEON)

Key Points

• Weiss Ratings maintained a "Sell (D-)" rating for Neonode, indicating ongoing concerns about the company's performance.
• LADENBURG THALM/SH SH downgraded Neonode from a "buy" to a "neutral" rating, significantly reducing their price target from $16.50 to $6.00.
• Neonode recently reported an earnings per share of ($0.12), which missed the consensus estimate by $0.02, reflecting the company's continuing struggles.

Neonode (NASDAQ:NEON - Get Free Report)'s stock had its "sell (d-)" rating reiterated by analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Separately, LADENBURG THALM/SH SH cut Neonode from a "buy" rating to a "neutral" rating and cut their price target for the company from $16.50 to $6.00 in a report on Thursday, September 4th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $6.00.

Neonode Trading Up 3.5%

NASDAQ:NEON opened at $3.85 on Wednesday. Neonode has a 12-month low of $3.24 and a 12-month high of $29.90. The stock has a 50-day moving average price of $13.49 and a 200 day moving average price of $14.44. The stock has a market capitalization of $64.61 million, a P/E ratio of -5.42 and a beta of 0.52.

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

Institutional Investors Weigh In On Neonode

Institutional investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. bought a new stake in shares of Neonode in the 2nd quarter valued at approximately $27,000. Legal & General Group Plc bought a new stake in shares of Neonode in the 2nd quarter valued at approximately $29,000. BNP Paribas Financial Markets lifted its stake in shares of Neonode by 238.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,820 shares of the electronics maker's stock valued at $46,000 after purchasing an additional 1,283 shares during the last quarter. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Neonode in the 2nd quarter valued at approximately $59,000. Finally, New York State Common Retirement Fund bought a new stake in shares of Neonode in the 2nd quarter valued at approximately $125,000. 11.63% of the stock is owned by 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.

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