Neonode (NASDAQ:NEON) Stock Rating Lowered by Wall Street Zen

Neonode (NASDAQ:NEON) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Thursday.

Neonode Price Performance

Shares of Neonode stock opened at $9.75 on Thursday. The business’s 50 day simple moving average is $9.59 and its two-hundred day simple moving average is $8.64. The stock has a market capitalization of $163.63 million, a P/E ratio of -13.73 and a beta of 0.45. Neonode has a one year low of $1.90 and a one year high of $15.00.

Neonode (NASDAQ:NEON) last announced its quarterly earnings results on Wednesday, May 14th. The electronics maker reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.03). Neonode had a negative return on equity of 67.67% and a negative net margin of 252.78%. The company had revenue of $0.51 million during the quarter, compared to analysts’ expectations of $0.65 million. Sell-side analysts expect that Neonode will post -0.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Neonode

Several hedge funds have recently made changes to their positions in the business. Jane Street Group LLC increased its stake 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 valued at $385,000 after buying an additional 27,358 shares during the period. Goldman Sachs Group Inc. purchased a new position in shares of Neonode during the first quarter valued at approximately $393,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Neonode during the first quarter valued at approximately $234,000. Squarepoint Ops LLC bought a new stake in shares of Neonode during the fourth quarter valued at approximately $107,000. Finally, Northern Trust Corp boosted its position in shares of Neonode by 654.4% during the fourth quarter. Northern Trust Corp now owns 158,709 shares of the electronics maker’s stock valued at $1,306,000 after purchasing an additional 137,671 shares in the last quarter. 11.63% of the stock is owned by hedge funds and other institutional investors.

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.