Neogen (NASDAQ:NEOG) Sees Large Volume Increase – What’s Next?

Neogen Co. (NASDAQ:NEOG) saw unusually-high trading volume on Thursday . Approximately 2,144,322 shares were traded during mid-day trading, a decline of 18% from the previous session’s volume of 2,603,012 shares.The stock last traded at $4.45 and had previously closed at $4.60.

Wall Street Analysts Forecast Growth

NEOG has been the topic of several recent research reports. Piper Sandler dropped their target price on Neogen from $13.00 to $6.50 and set a “neutral” rating on the stock in a research report on Monday. Guggenheim reduced their price objective on shares of Neogen from $15.00 to $13.00 and set a “buy” rating for the company in a research note on Thursday, April 10th.

Neogen Stock Down 4.7 %

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 fifty day moving average is $8.74 and its 200-day moving average is $11.76. The stock has a market capitalization of $951.30 million, a PE ratio of -2.00 and a beta of 1.57.

Neogen (NASDAQ:NEOG) last issued its quarterly 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). The firm had revenue of $221.00 million for the quarter, compared to the consensus estimate of $225.27 million. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The business’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.12 earnings per share. On average, equities research analysts predict that Neogen Co. will post 0.38 earnings per share for the current year.

Insider Activity at Neogen

In other news, CAO John Patrick Moylan purchased 10,000 shares of the company’s stock in a transaction dated Thursday, April 10th. The stock was bought at an average cost of $5.07 per share, for a total transaction of $50,700.00. Following the purchase, the chief accounting officer now owns 10,000 shares of the company’s stock, valued at approximately $50,700. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.13% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Neogen

A number of hedge funds have recently modified their holdings of NEOG. Connable Office Inc. lifted its stake in Neogen by 5.6% in the fourth quarter. Connable Office Inc. now owns 18,793 shares of the company’s stock worth $228,000 after acquiring an additional 1,000 shares during the period. Covestor Ltd increased its position in shares of Neogen by 41.4% during the 4th quarter. Covestor Ltd now owns 4,103 shares of the company’s stock valued at $50,000 after purchasing an additional 1,202 shares during the last quarter. Inspire Advisors LLC boosted its holdings in shares of Neogen by 10.1% in the fourth quarter. Inspire Advisors LLC now owns 14,226 shares of the company’s stock valued at $173,000 after purchasing an additional 1,304 shares during the period. CHICAGO TRUST Co NA boosted its stake in Neogen by 19.1% in the first quarter. CHICAGO TRUST Co NA now owns 12,498 shares of the company’s stock valued at $108,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Ascent Group LLC boosted its position in Neogen by 17.8% in the fourth quarter. Ascent Group LLC now owns 14,340 shares of the company’s stock valued at $174,000 after buying an additional 2,165 shares during the last quarter. Institutional investors own 96.73% of the company’s stock.

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.