Neogen (NASDAQ:NEOG) Stock Price Down 6.2% – What’s Next?
by Tristan Rich · The Markets DailyNeogen Corporation (NASDAQ:NEOG – Get Free Report)’s share price traded down 6.2% during trading on Tuesday. The stock traded as low as $12.24 and last traded at $12.2090. Approximately 1,448,207 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 2,881,252 shares. The stock had previously closed at $13.01.
Analysts Set New Price Targets
Several research firms recently commented on NEOG. Piper Sandler upgraded shares of Neogen from a “neutral” rating to an “overweight” rating and upped their price target for the company from $13.00 to $14.00 in a research note on Wednesday, August 26th. Guggenheim reaffirmed a “buy” rating and set a $14.00 target price (up from $12.00) on shares of Neogen in a research note on Wednesday, September 30th. Wall Street Zen raised Neogen from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, Weiss Ratings upgraded shares of Neogen from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 7th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $12.67.
View Our Latest Stock Analysis on NEOG
Neogen Stock Down 6.3%
The company has a market capitalization of $2.66 billion, a P/E ratio of -406.17, a PEG ratio of 4.56 and a beta of 1.79. The stock has a 50 day moving average price of $12.02 and a 200 day moving average price of $10.22. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.91 and a current ratio of 3.82.
Neogen (NASDAQ:NEOG – Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. The business had revenue of $225.30 million during the quarter, compared to the consensus estimate of $212.35 million. Neogen had a positive return on equity of 2.78% and a negative net margin of 0.91%.The business’s revenue for the quarter was down .1% on a year-over-year basis. During the same period last year, the business posted ($2.82) earnings per share. Equities research analysts forecast that Neogen Corporation will post 0.27 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Neogen
Several hedge funds have recently bought and sold shares of the stock. Nykredit A S bought a new position in shares of Neogen during the second quarter valued at about $28,000. Public Employees Retirement System of Ohio bought a new stake in shares of Neogen in the 2nd quarter valued at about $34,000. Integrated Wealth Concepts LLC bought a new stake in shares of Neogen in the 2nd quarter valued at about $73,000. Sequoia Financial Advisors LLC purchased a new stake in Neogen during the 2nd quarter valued at about $94,000. Finally, Ieq Capital LLC bought a new position in Neogen during the 2nd quarter worth approximately $95,000. 96.73% of the stock is currently owned by institutional investors.
About Neogen
Neogen Corporation is a global provider of food safety and animal safety products and services. The company develops diagnostic tests, laboratory products, and related solutions that help customers detect foodborne pathogens, allergens, toxins, residues, and other contaminants throughout the food production process.
Its food safety portfolio includes test kits, culture media, molecular testing systems, sanitation monitoring products, and laboratory supplies used by food manufacturers, processors, retailers, and regulatory organizations.