Bryce Point Capital LLC Invests $991,000 in Neogen Corporation (NASDAQ:NEOG)

Key Points

• Bryce Point Capital LLC has purchased 114,256 shares of Neogen Corporation, valuing this investment at approximately $991,000, making it the firm's 11th largest position.
• Institutional investors and hedge funds hold 96.73% of Neogen's stock, indicating robust institutional interest.
• Recent analyst ratings for Neogen show Guggenheim cutting its price target to $10.00 while maintaining a "buy" rating, and Piper Sandler dropping its target to $5.00 with a "neutral" rating.

Bryce Point Capital LLC acquired a new stake in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 114,256 shares of the company's stock, valued at approximately $991,000. Neogen makes up 0.8% of Bryce Point Capital LLC's investment portfolio, making the stock its 11th biggest holding. Bryce Point Capital LLC owned 0.05% of Neogen at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Covestor Ltd increased its position in Neogen by 41.4% during 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 during the last quarter. CHICAGO TRUST Co NA grew its holdings in shares of Neogen by 19.1% in the first quarter. CHICAGO TRUST Co NA now owns 12,498 shares of the company's stock worth $108,000 after purchasing an additional 2,000 shares during the last quarter. Ascent Group LLC lifted its stake in Neogen by 17.8% in the fourth quarter. Ascent Group LLC now owns 14,340 shares of the company's stock worth $174,000 after acquiring an additional 2,165 shares during the period. Commonwealth Equity Services LLC lifted its stake in Neogen by 6.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 39,263 shares of the company's stock worth $477,000 after acquiring an additional 2,267 shares during the period. Finally, Yousif Capital Management LLC lifted its position in shares of Neogen by 3.9% during the first quarter. Yousif Capital Management LLC now owns 74,508 shares of the company's stock valued at $646,000 after buying an additional 2,769 shares during the last quarter. 96.73% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on NEOG shares. Piper Sandler cut their price objective on shares of Neogen from $6.40 to $5.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd. Guggenheim cut their price target on shares of Neogen from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, June 30th. Finally, William Blair downgraded shares of Neogen from an "outperform" rating to a "market perform" rating in a report on Tuesday.

Neogen Price Performance

NEOG stock traded down $0.04 during midday trading on Thursday, reaching $4.67. The stock had a trading volume of 3,008,512 shares, compared to its average volume of 5,305,996. Neogen Corporation has a 52-week low of $3.87 and a 52-week high of $17.95. The company has a current ratio of 3.32, a quick ratio of 2.45 and a debt-to-equity ratio of 0.42. The company's fifty day simple moving average is $5.30 and its 200 day simple moving average is $7.38. The company has a market cap of $1.01 billion, a price-to-earnings ratio of -0.93 and a beta of 1.77.

Insider Transactions at Neogen

In related news, Director Aashima Gupta acquired 16,000 shares of Neogen stock in a transaction that occurred on Monday, May 12th. The shares were purchased at an average cost of $6.25 per share, for a total transaction of $100,000.00. Following the acquisition, the director owned 21,917 shares in the company, valued at approximately $136,981.25. This represents a 270.41% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.13% 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.