Short Interest in Neonode Inc. (NASDAQ:NEON) Declines By 28.2%

Neonode Inc. (NASDAQ:NEON) was the recipient of a large decrease in short interest in the month of 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. Based on an average trading volume of 2,450,000 shares, the short-interest ratio is presently 0.4 days. Approximately 8.0% of the shares of the company are short sold. Approximately 8.0% of the shares of the company are short sold. Based on an average trading volume of 2,450,000 shares, the short-interest ratio is presently 0.4 days.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NEON. Weiss Ratings restated a “sell (d-)” rating on shares of Neonode in a research note on Wednesday, October 8th. LADENBURG THALM/SH SH downgraded Neonode from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $16.50 to $6.00 in a research report on Thursday, September 4th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $6.00.

Institutional Trading of Neonode

A number of institutional investors have recently modified their holdings of the company. Ameritas Investment Partners Inc. purchased a new position in Neonode during the 2nd quarter valued at about $27,000. Legal & General Group Plc bought a new stake in shares of Neonode in the 2nd quarter worth approximately $29,000. BNP Paribas Financial Markets increased its stake in shares of Neonode by 238.9% during the second quarter. BNP Paribas Financial Markets now owns 1,820 shares of the electronics maker’s stock valued at $46,000 after buying an additional 1,283 shares during the period. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Neonode during the second quarter valued at approximately $59,000. Finally, New York State Common Retirement Fund bought a new position in shares of Neonode during the second quarter valued at approximately $125,000. 11.63% of the stock is currently owned by hedge funds and other institutional investors.

Neonode Trading Down 5.3%

NEON stock traded down $0.16 during midday trading on Monday, hitting $2.88. The company had a trading volume of 428,881 shares, compared to its average volume of 904,670. The stock has a market cap of $48.34 million, a price-to-earnings ratio of -9.60 and a beta of 0.52. Neonode has a 52 week low of $2.79 and a 52 week high of $29.90. The stock’s 50 day moving average price is $6.43 and its 200 day moving average price is $13.97.

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

Neonode Company Profile

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.