Neogen (NASDAQ:NEOG) Stock Price Up 7.1% – Here’s Why

Neogen Co. (NASDAQ:NEOG) shares traded up 7.1% on Monday . The company traded as high as $5.57 and last traded at $5.58. 1,204,778 shares were traded during mid-day trading, a decline of 62% from the average session volume of 3,180,053 shares. The stock had previously closed at $5.21.

Wall Street Analyst Weigh In

NEOG has been the topic of several recent analyst reports. Guggenheim dropped their target price on Neogen from $15.00 to $13.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Piper Sandler dropped their price target on Neogen from $6.40 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 22nd.

Neogen Trading Up 7.4%

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 firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of -2.55 and a beta of 1.84. The business’s 50 day moving average price is $5.84 and its 200-day moving average price is $9.35.

Neogen (NASDAQ:NEOG) last issued its earnings results on Wednesday, April 9th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The business had revenue of $221.00 million for the quarter, compared to analysts’ expectations of $225.27 million. During the same period last year, the company posted $0.12 earnings per share. The business’s quarterly revenue was down 3.4% on a year-over-year basis. Equities analysts forecast that Neogen Co. will post 0.38 EPS for the current fiscal year.

Insider Buying and Selling at Neogen

In other Neogen news, insider Amy M. Rocklin purchased 12,500 shares of the firm’s stock in a transaction dated Wednesday, April 23rd. The stock was bought at an average price of $4.99 per share, with a total value of $62,375.00. Following the completion of the purchase, the insider now owns 36,287 shares in the company, valued at $181,072.13. This trade represents a 52.55% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Aashima Gupta acquired 16,000 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were bought at an average price of $6.25 per share, for a total transaction of $100,000.00. Following the purchase, the director now directly owns 21,917 shares of the company’s stock, valued at approximately $136,981.25. This trade represents a 270.41% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 83,500 shares of company stock worth $431,525 in the last ninety days. 1.13% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NEOG. Vanguard Group Inc. raised its stake in Neogen by 8.8% during the 1st quarter. Vanguard Group Inc. now owns 23,550,128 shares of the company’s stock valued at $204,180,000 after purchasing an additional 1,912,877 shares during the period. Norges Bank acquired a new stake in shares of Neogen during the fourth quarter worth approximately $212,171,000. William Blair Investment Management LLC grew its position in Neogen by 8.1% during the fourth quarter. William Blair Investment Management LLC now owns 14,346,759 shares of the company’s stock valued at $174,170,000 after purchasing an additional 1,074,825 shares in the last quarter. Gates Capital Management Inc. acquired a new position in shares of Neogen in the first quarter worth $79,391,000. Finally, Conestoga Capital Advisors LLC increased its stake in shares of Neogen by 0.4% in the first quarter. Conestoga Capital Advisors LLC now owns 8,540,859 shares of the company’s stock worth $74,049,000 after acquiring an additional 37,271 shares during the last quarter. 96.73% of the stock is currently owned by institutional investors and hedge funds.

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.