Neogen (NASDAQ:NEOG) Hits New 52-Week Low - What's Next?

Neogen Co. (NASDAQ:NEOG - Get Free Report)'s stock price hit a new 52-week low on Wednesday . The stock traded as low as $4.86 and last traded at $5.05, with a volume of 6215308 shares changing hands. The stock had previously closed at $5.03.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Piper Sandler dropped their price target on shares of Neogen from $6.40 to $5.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. Guggenheim cut their price target on shares of Neogen from $15.00 to $13.00 and set a "buy" rating on the stock in a report on Thursday, April 10th.

Neogen Stock Performance

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 stock has a market capitalization of $1.25 billion, a P/E ratio of -2.63 and a beta of 1.57. The business has a fifty day moving average price of $7.50 and a 200-day moving average price of $10.91.

Neogen (NASDAQ:NEOG - Get Free Report) last announced 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). Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The company had revenue of $221.00 million for the quarter, compared to analysts' expectations of $225.27 million. During the same period in the previous year, the business earned $0.12 EPS. The business's revenue was down 3.4% compared to the same quarter last year. On average, sell-side analysts expect that Neogen Co. will post 0.38 EPS for the current year.

Insider Transactions at Neogen

In other news, Director James C. Borel bought 35,000 shares of the company's stock in a transaction on Thursday, April 24th. The shares were acquired at an average cost of $4.89 per share, with a total value of $171,150.00. Following the completion of the transaction, the director now owns 60,474 shares of the company's stock, valued at approximately $295,717.86. This trade represents a 137.39 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO John Patrick Moylan purchased 10,000 shares of Neogen stock in a transaction dated Thursday, April 10th. The shares were acquired at an average cost of $5.07 per share, with a total value of $50,700.00. Following the transaction, the chief accounting officer now directly owns 10,000 shares in the company, valued at approximately $50,700. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 67,500 shares of company stock worth $331,525 in the last ninety days. Insiders own 1.13% of the company's stock.

Institutional Investors Weigh In On Neogen

A number of hedge funds have recently modified their holdings of the business. Harbour Investments Inc. purchased a new position in Neogen during the fourth quarter valued at $27,000. Versant Capital Management Inc lifted its position in shares of Neogen by 1,495.4% during the 1st quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock valued at $27,000 after buying an additional 2,931 shares in the last quarter. Blue Trust Inc. grew its stake in shares of 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 acquiring an additional 2,233 shares during the period. Johnson Financial Group Inc. purchased a new stake in Neogen in the 4th quarter worth approximately $43,000. Finally, Covestor Ltd raised its stake in Neogen by 41.4% during the 4th quarter. Covestor Ltd now owns 4,103 shares of the company's stock worth $50,000 after acquiring an additional 1,202 shares during the period. 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.