Neonode (NASDAQ:NEON) Stock Passes Above 200-Day Moving Average Following Weak Earnings

Neonode, Inc (NASDAQ:NEON) shares passed above its two hundred day moving average during trading on Wednesday following a better than expected earnings announcement. The stock has a two hundred day moving average of $0.00 and traded as high as $2.83. Neonode shares last traded at $2.47, with a volume of 15,517 shares.

The electronics maker reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.04). The business had revenue of $1.71 million during the quarter. Neonode had a negative net margin of 35.96% and a negative return on equity of 37.07%.

A number of research analysts recently commented on NEON shares. ValuEngine raised Neonode from a “hold” rating to a “buy” rating in a report on Tuesday, July 2nd. Robert W. Baird started coverage on Neonode in a report on Friday, July 26th. They issued an “outperform” rating and a $15.00 price target for the company.

A hedge fund recently bought a new stake in Neonode stock. Geode Capital Management LLC purchased a new stake in Neonode, Inc (NASDAQ:NEON) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,533 shares of the electronics maker’s stock, valued at approximately $29,000. Geode Capital Management LLC owned about 0.30% of Neonode as of its most recent filing with the Securities and Exchange Commission (SEC). 6.06% of the stock is currently owned by hedge funds and other institutional investors.

The company has a quick ratio of 3.13, a current ratio of 3.57 and a debt-to-equity ratio of 0.15. The business has a fifty day moving average of $2.78 and a 200 day moving average of $2.95.

About Neonode (NASDAQ:NEON)

Neonode Inc, together with its subsidiaries, develops and licenses user interface and optical interactive touch solutions under the zForce brand in the United States, Japan, Germany, China, Taiwan, South Korea, and internationally. It develops optical touch and gesture solutions for human interaction with devices.

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