Neonode (NASDAQ:NEON) Stock Price Passes Above 200-Day Moving Average on Disappointing Earnings

Neonode Inc. (NASDAQ:NEON)’s share price crossed above its 200-day moving average during trading on Thursday following a better than expected earnings announcement. The stock has a 200-day moving average of $13.83 and traded as high as $23.00. Neonode shares last traded at $21.56, with a volume of 199,204 shares traded.

The electronics maker reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.02). The firm had revenue of $0.60 million for the quarter, compared to analysts’ expectations of $0.57 million. Neonode had a negative net margin of 317.26% and a negative return on equity of 38.24%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of Neonode from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd.

Hedge Funds Weigh In On Neonode

Large investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. purchased a new stake in shares of Neonode during the second quarter valued at $27,000. Legal & General Group Plc purchased a new stake in Neonode during the 2nd quarter valued at about $29,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Neonode in the 2nd quarter valued at approximately $59,000. Squarepoint Ops LLC purchased a new stake in shares of Neonode in the 4th quarter valued at approximately $107,000. Finally, New York State Common Retirement Fund purchased a new position in shares of Neonode during the 2nd quarter worth approximately $125,000. Institutional investors own 11.63% of the company’s stock.

Neonode Stock Performance

The stock has a market cap of $361.84 million, a PE ratio of -30.37 and a beta of 0.77. The stock’s 50-day moving average is $22.36 and its two-hundred day moving average is $13.83.

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.