Neonode Inc. (NASDAQ:NEON) Short Interest Down 28.2% in October

Neonode Inc. (NASDAQ:NEON) was the recipient of a significant decrease in short interest in October. As of October 15th, there was short interest totaling 1,020,000 shares, a decrease of 28.2% from the September 30th total of 1,420,000 shares. Approximately 8.0% of the company’s stock are sold short. Based on an average daily volume of 2,450,000 shares, the short-interest ratio is currently 0.4 days. Based on an average daily volume of 2,450,000 shares, the short-interest ratio is currently 0.4 days. Approximately 8.0% of the company’s stock are sold short.

Institutional Investors Weigh In On Neonode

Several hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its stake in shares of Neonode by 87.6% in the second quarter. Geode Capital Management LLC now owns 269,840 shares of the electronics maker’s stock valued at $6,882,000 after buying an additional 125,970 shares during the period. Goldman Sachs Group Inc. bought 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% 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. OMERS ADMINISTRATION Corp bought a new position in Neonode during the first quarter worth about $234,000. Finally, Rhumbline Advisers bought a new position in Neonode during the second quarter worth about $385,000. Institutional investors own 11.63% of the company’s stock.

Neonode Price Performance

NEON stock opened at $2.88 on Tuesday. Neonode has a 52-week low of $2.79 and a 52-week high of $29.90. The company has a 50-day moving average of $6.43 and a two-hundred day moving average of $13.97. The stock has a market capitalization of $48.34 million, a price-to-earnings ratio of -9.60 and a beta of 0.52.

Neonode (NASDAQ:NEON) last released its quarterly earnings results on Wednesday, August 13th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.02). Neonode had a negative net margin of 241.38% and a negative return on equity of 40.64%. The firm had revenue of $0.60 million for the quarter, compared to the consensus estimate of $0.57 million. Equities analysts expect that Neonode will post -0.42 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on NEON shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Neonode in a report on Wednesday, October 8th. LADENBURG THALM/SH SH cut shares of Neonode from a “buy” rating to a “neutral” rating and decreased their price objective for the stock 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. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $6.00.

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.