Neogen (NASDAQ:NEOG) Shares Up 5.9% – What’s Next?

Neogen Co. (NASDAQ:NEOG) shot up 5.9% during trading on Thursday . The company traded as high as $8.93 and last traded at $8.93. 1,404,961 shares were traded during trading, a decline of 35% from the average session volume of 2,148,215 shares. The stock had previously closed at $8.43.

Wall Street Analysts Forecast Growth

NEOG has been the subject of several research reports. Piper Sandler restated a “neutral” rating and set a $13.00 price target (down previously from $16.50) on shares of Neogen in a research report on Tuesday, January 21st. Guggenheim began coverage on shares of Neogen in a research report on Thursday, December 19th. They set a “buy” rating and a $15.00 target price for the company.

Neogen Stock Performance

The company has a debt-to-equity ratio of 0.33, a current ratio of 3.77 and a quick ratio of 2.46. The company has a 50 day simple moving average of $10.25 and a 200-day simple moving average of $12.83. The stock has a market capitalization of $1.94 billion, a P/E ratio of -4.08 and a beta of 1.27.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Friday, January 10th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.12. The business had revenue of $231.30 million for the quarter, compared to analysts’ expectations of $227.16 million. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.11 EPS. On average, equities analysts forecast that Neogen Co. will post 0.38 EPS for the current year.

Insider Buying and Selling

In related news, CFO David H. Naemura bought 14,800 shares of the business’s stock in a transaction on Thursday, January 16th. The stock was acquired at an average price of $11.11 per share, for a total transaction of $164,428.00. Following the purchase, the chief financial officer now directly owns 61,434 shares in the company, valued at $682,531.74. This trade represents a 31.74 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John Edward Adent bought 23,035 shares of Neogen stock in a transaction on Thursday, January 16th. The shares were bought at an average cost of $11.03 per share, with a total value of $254,076.05. Following the acquisition, the chief executive officer now directly owns 269,164 shares in the company, valued at approximately $2,968,878.92. This represents a 9.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.13% of the stock is owned by insiders.

Institutional Trading of Neogen

Several institutional investors and hedge funds have recently bought and sold shares of the company. Harbour Investments Inc. purchased a new stake in shares of Neogen in the fourth quarter worth $27,000. Blue Trust Inc. increased its stake in Neogen by 196.7% in the 4th quarter. Blue Trust Inc. now owns 3,368 shares of the company’s stock worth $41,000 after acquiring an additional 2,233 shares during the last quarter. Johnson Financial Group Inc. purchased a new stake in shares of Neogen in the 4th quarter valued at about $43,000. Neo Ivy Capital Management bought a new stake in shares of Neogen during the 3rd quarter valued at about $66,000. Finally, Covestor Ltd grew its holdings in shares of Neogen by 41.4% during the fourth quarter. Covestor Ltd now owns 4,103 shares of the company’s stock worth $50,000 after purchasing an additional 1,202 shares in the last quarter. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

Neogen Company Profile

Neogen Corporation, together with its subsidiaries, engages in the development, manufacture, and marketing of various products and services dedicated to food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test to detect the presence of adenosine triphosphate, a chemical found in living cells, as well as provides genomics-based diagnostic technology and software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods.