ValuEngine Downgrades Neonode Inc. (NEON) to Sell

ValuEngine cut shares of Neonode Inc. (NASDAQ:NEON) from a hold rating to a sell rating in a research note released on Monday morning.

A number of other equities research analysts have also weighed in on NEON. Zacks Investment Research upgraded shares of Neonode from a strong sell rating to a hold rating in a report on Tuesday, July 18th. Craig Hallum lowered shares of Neonode from a buy rating to a hold rating in a report on Wednesday, August 9th. Finally, Cowen and Company restated an outperform rating and issued a $3.00 price objective (down from $4.00) on shares of Neonode in a report on Friday, August 11th.

Shares of Neonode (NASDAQ NEON) traded down 1.67% during trading on Monday, hitting $1.18. The stock had a trading volume of 6,252 shares. The stock’s 50 day moving average price is $1.22 and its 200-day moving average price is $1.25. Neonode has a one year low of $0.98 and a one year high of $2.19. The stock’s market cap is $57.64 million.

Neonode (NASDAQ:NEON) last announced its quarterly earnings data on Wednesday, August 9th. The electronics maker reported ($0.02) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.01). Neonode had a negative net margin of 48.19% and a negative return on equity of 123.74%. The firm had revenue of $2.33 million during the quarter, compared to analyst estimates of $3.68 million. Analysts expect that Neonode will post ($0.05) earnings per share for the current fiscal year.

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A hedge fund recently raised its stake in Neonode stock. Royce & Associates LP increased its stake in shares of Neonode Inc. (NASDAQ:NEON) by 9.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,218,614 shares of the electronics maker’s stock after acquiring an additional 186,575 shares during the quarter. Royce & Associates LP owned about 4.54% of Neonode worth $2,396,000 at the end of the most recent quarter. 14.71% of the stock is currently owned by hedge funds and other institutional investors.

About Neonode

Neonode Inc, formerly SBE, Inc, develops and licenses user interfaces and optical infrared touch solutions. The Company’s technology offers multiple features, including the ability to sense an object’s size, depth, velocity, pressure and proximity to any type of surface. It operates through the touch technology licensing business segment.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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