Neogen (NASDAQ:NEOG) Stock Price Down 6% – Here’s What Happened

Neogen Co. (NASDAQ:NEOG) fell 6% during mid-day trading on Tuesday . The stock traded as low as $8.33 and last traded at $8.15. 257,298 shares traded hands during trading, a decline of 89% from the average session volume of 2,242,323 shares. The stock had previously closed at $8.67.

Analyst Upgrades and Downgrades

A number of research analysts have commented on NEOG shares. Piper Sandler reaffirmed a “neutral” rating and set a $13.00 target price (down previously from $16.50) on shares of Neogen in a report on Tuesday, January 21st. Guggenheim started coverage on shares of Neogen in a report on Thursday, December 19th. They issued a “buy” rating and a $15.00 price objective for the company.

Neogen Trading Down 4.6 %

The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33. The firm’s 50 day moving average is $10.08 and its two-hundred day moving average is $12.67. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of -3.78 and a beta of 1.27.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings results on Friday, January 10th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.12. The business had revenue of $231.30 million for the quarter, compared to the consensus estimate of $227.16 million. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The business’s revenue was up .7% on a year-over-year basis. During the same quarter last year, the business posted $0.11 EPS. Equities analysts anticipate that Neogen Co. will post 0.38 EPS for the current year.

Insider Activity

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

Institutional Trading of Neogen

Several hedge funds have recently added to or reduced their stakes in NEOG. Harbour Investments Inc. acquired a new position in shares of Neogen during the fourth quarter valued at $27,000. Blue Trust Inc. increased its stake in Neogen by 196.7% during the 4th quarter. Blue Trust Inc. now owns 3,368 shares of the company’s stock valued at $41,000 after buying an additional 2,233 shares during the period. Johnson Financial Group Inc. bought a new stake in shares of Neogen during the 4th quarter worth about $43,000. Neo Ivy Capital Management acquired a new stake in shares of Neogen in the 3rd quarter worth approximately $66,000. Finally, Covestor Ltd boosted its holdings in shares of Neogen by 41.4% in the fourth quarter. Covestor Ltd now owns 4,103 shares of the company’s stock valued at $50,000 after acquiring an additional 1,202 shares in the last quarter. Institutional investors own 96.73% of the company’s stock.

About Neogen

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.