StockNews.com Initiates Coverage on Neonode (NASDAQ:NEON)

Equities researchers at StockNews.com began coverage on shares of Neonode (NASDAQ:NEON) in a report released on Thursday. The firm set a “hold” rating on the electronics maker’s stock.

Neonode Stock Up 1.4 %

NEON stock opened at $1.45 on Thursday. The stock has a market capitalization of $22.27 million, a price-to-earnings ratio of -2.20 and a beta of 2.04. The stock’s fifty day simple moving average is $1.48 and its 200-day simple moving average is $1.57. Neonode has a 52-week low of $1.02 and a 52-week high of $8.97.

Neonode (NASDAQ:NEON) last issued its quarterly earnings results on Wednesday, February 28th. The electronics maker reported ($0.39) earnings per share (EPS) for the quarter. Neonode had a negative return on equity of 44.82% and a negative net margin of 227.53%. The business had revenue of $0.99 million during the quarter.

Hedge Funds Weigh In On Neonode

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Neonode by 15.8% in the 3rd quarter. Vanguard Group Inc. now owns 140,915 shares of the electronics maker’s stock worth $225,000 after buying an additional 19,245 shares during the period. BlackRock Inc. increased its stake in Neonode by 32.7% during the second quarter. BlackRock Inc. now owns 124,431 shares of the electronics maker’s stock worth $1,005,000 after acquiring an additional 30,667 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Neonode by 10.0% in the 2nd quarter. Geode Capital Management LLC now owns 97,444 shares of the electronics maker’s stock worth $787,000 after purchasing an additional 8,884 shares during the period. State Street Corp raised its holdings in shares of Neonode by 16.4% in the 1st quarter. State Street Corp now owns 30,511 shares of the electronics maker’s stock worth $232,000 after purchasing an additional 4,300 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of Neonode in the 1st quarter valued at about $502,000. Institutional investors and hedge funds own 11.63% of the company’s stock.

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, Switzerland, Germany, 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.