Neogen (NASDAQ:NEOG) Shares Break Above 50 Day Moving Average – Here’s What Happened

Neogen Corporation (NASDAQ:NEOG)’s share price passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $12.20 and traded as high as $12.35. Neogen shares last traded at $12.21, with a volume of 1,691,236 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NEOG. Guggenheim reaffirmed a “buy” rating and set a $14.00 price objective (up from $12.00) on shares of Neogen in a research note on Wednesday, September 30th. Wall Street Zen lowered Neogen from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 11th. Weiss Ratings upgraded Neogen from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, August 7th. Finally, Piper Sandler raised Neogen from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $13.00 to $14.00 in a research report on Wednesday, August 26th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.67.

Neogen Stock Performance

The stock’s 50-day moving average is $12.20 and its 200-day moving average is $10.36. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of -48.84, a P/E/G ratio of 4.46 and a beta of 1.79. The company has a current ratio of 3.90, a quick ratio of 2.92 and a debt-to-equity ratio of 0.37.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings results on Tuesday, October 6th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.05 by $0.03. The firm had revenue of $222.80 million for the quarter, compared to analyst estimates of $208.18 million. Neogen had a negative net margin of 6.35% and a positive return on equity of 3.29%. Neogen’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.04 earnings per share. On average, analysts expect that Neogen Corporation will post 0.27 EPS for the current year.

Institutional Investors Weigh In On Neogen

Several large investors have recently made changes to their positions in the business. Farther Finance Advisors LLC raised its position in Neogen by 76.1% during the third quarter. Farther Finance Advisors LLC now owns 2,184 shares of the company’s stock valued at $28,000 after buying an additional 944 shares during the period. GAMMA Investing LLC lifted its stake in Neogen by 4.9% in the 3rd quarter. GAMMA Investing LLC now owns 32,078 shares of the company’s stock worth $411,000 after acquiring an additional 1,500 shares in the last quarter. Sowell Financial Services LLC lifted its stake in Neogen by 11.8% in the 3rd quarter. Sowell Financial Services LLC now owns 15,975 shares of the company’s stock worth $204,000 after acquiring an additional 1,686 shares in the last quarter. Canton Hathaway LLC acquired a new stake in Neogen during the 3rd quarter worth about $26,000. Finally, The Manufacturers Life Insurance Company grew its stake in Neogen by 3.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 96,859 shares of the company’s stock valued at $900,000 after acquiring an additional 2,869 shares in the last quarter. Institutional investors and hedge funds own 96.73% of the company’s stock.

Neogen Company Profile

Neogen Corporation develops and markets products and services designed to help protect the food supply and support animal health. Its food safety offerings include diagnostic tests and laboratory products used to detect pathogens, allergens, mycotoxins, genetically modified organisms, veterinary drug residues, and other contaminants in food and agricultural environments.

The company also provides sanitation and hygiene products, environmental monitoring solutions, and software and data-management tools that help food processors, retailers, laboratories, and other organizations manage food safety programs.