Neonode Inc. (NASDAQ:NEON) Sees Significant Decrease in Short Interest

Neonode Inc. (NASDAQ:NEON) saw a large decrease in short interest in June. As of June 30th, there was short interest totaling 380,060 shares, a decrease of 40.0% from the June 15th total of 633,082 shares. Based on an average daily trading volume, of 437,512 shares, the short-interest ratio is presently 0.9 days. Currently, 2.9% of the company’s stock are sold short.

Hedge Funds Weigh In On Neonode

A number of institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC acquired a new stake in Neonode during the 1st quarter valued at approximately $67,000. Quadrature Capital Ltd acquired a new position in Neonode during the fourth quarter valued at $159,000. Jain Global LLC acquired a new position in Neonode during the fourth quarter valued at $59,000. State Street Corp boosted its holdings in Neonode by 17.0% in the fourth quarter. State Street Corp now owns 249,104 shares of the electronics maker’s stock valued at $433,000 after purchasing an additional 36,244 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in Neonode by 146.2% in the fourth quarter. Deutsche Bank AG now owns 42,779 shares of the electronics maker’s stock valued at $74,000 after purchasing an additional 25,401 shares during the last quarter. 11.63% of the stock is owned by hedge funds and other institutional investors.

Neonode Stock Performance

NEON stock traded up $0.00 during midday trading on Friday, reaching $0.86. The stock had a trading volume of 90,423 shares, compared to its average volume of 260,753. The stock has a market cap of $14.44 million, a PE ratio of -2.69 and a beta of 1.06. The firm has a fifty day simple moving average of $1.28 and a two-hundred day simple moving average of $1.54. Neonode has a 52-week low of $0.72 and a 52-week high of $29.90.

Neonode (NASDAQ:NEON) last posted its quarterly earnings results on Wednesday, May 13th. The electronics maker reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01). Neonode had a net margin of 386.64% and a negative return on equity of 34.66%. The firm had revenue of $0.61 million for the quarter, compared to analysts’ expectations of $0.66 million.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on NEON shares. Weiss Ratings restated a “sell (d)” rating on shares of Neonode in a research note on Tuesday, June 16th. Wall Street Zen raised shares of Neonode to a “sell” rating in a research report on Saturday, July 4th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Neonode has an average rating of “Reduce” and an average target price of $6.00.

About Neonode

Neonode AB (NASDAQ: NEON) is a technology company specializing in optical-based user interface solutions for electronic devices. The company develops sensor and software platforms that allow touch, gesture and hover interactions through the projection and detection of infrared light. Neonode’s offerings are designed to enable intuitive, reliable and low-power human-machine interfaces across a variety of device categories.

At the core of Neonode’s portfolio are its zForce and Neonode software products, which can be integrated into consumer electronics, automotive systems, home appliances, industrial equipment and Internet of Things applications.