Neonode (NASDAQ:NEON) Stock Price Passes Above Two Hundred Day Moving Average Following Weak Earnings

Neonode Inc. (NASDAQ:NEON)’s share price passed above its 200-day moving average during trading on Wednesday following a stronger than expected earnings report. The stock has a 200-day moving average of $8.52 and traded as high as $11.78. Neonode shares last traded at $10.88, with a volume of 84,296 shares changing hands.

The electronics maker reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.03). Neonode had a negative net margin of 252.78% and a negative return on equity of 67.67%. The business had revenue of $0.51 million during the quarter, compared to analyst estimates of $0.65 million.

Institutional Investors Weigh In On Neonode

Hedge funds have recently made changes to their positions in the stock. Northern Trust Corp boosted its position in Neonode by 654.4% in the fourth quarter. Northern Trust Corp now owns 158,709 shares of the electronics maker’s stock valued at $1,306,000 after buying an additional 137,671 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Neonode in the 4th quarter valued at $173,000. Squarepoint Ops LLC bought a new position in shares of Neonode in the 4th quarter valued at $107,000. Geode Capital Management LLC boosted its holdings in shares of Neonode by 8.5% during the 4th quarter. Geode Capital Management LLC now owns 136,678 shares of the electronics maker’s stock valued at $1,125,000 after acquiring an additional 10,732 shares in the last quarter. Finally, Jane Street Group LLC grew its position in Neonode by 81.5% during the 4th quarter. Jane Street Group LLC now owns 19,962 shares of the electronics maker’s stock worth $164,000 after acquiring an additional 8,962 shares during the last quarter. 11.63% of the stock is currently owned by institutional investors and hedge funds.

Neonode Stock Performance

The firm has a market cap of $167.11 million, a price-to-earnings ratio of -15.32 and a beta of 0.45. The business has a fifty day simple moving average of $9.28 and a 200-day simple moving average of $8.52.

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.