Neogen (NASDAQ:NEOG) Sees Unusually-High Trading Volume - Here's What Happened

Shares of Neogen Co. (NASDAQ:NEOG - Get Free Report) saw unusually-high trading volume on Friday . Approximately 6,860,551 shares were traded during mid-day trading, an increase of 142% from the previous session's volume of 2,832,247 shares.The stock last traded at $5.23 and had previously closed at $5.15.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Piper Sandler decreased their target price on shares of Neogen from $6.40 to $5.00 and set a "neutral" rating for the company in a research report on Tuesday, April 22nd. Guggenheim decreased their price target 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 Up 0.3 %

The company's fifty day moving average price is $7.24 and its 200-day moving average price is $10.75. The stock has a market capitalization of $1.29 billion, a PE ratio of -2.72 and a beta of 1.83. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33.

Neogen (NASDAQ:NEOG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 9th. The company reported $0.10 EPS for the quarter, missing the consensus estimate 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 firm's revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.12 earnings per share. Analysts forecast that Neogen Co. will post 0.38 earnings per share for the current year.

Insider Buying and Selling at Neogen

In other Neogen news, insider Amy M. Rocklin purchased 12,500 shares of Neogen stock in a transaction on Wednesday, April 23rd. The shares were bought at an average price of $4.99 per share, with a total value of $62,375.00. Following the purchase, the insider now directly owns 36,287 shares in the company, valued at $181,072.13. This trade represents a 52.55 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO John Patrick Moylan purchased 10,000 shares of the business's stock in a transaction that occurred on 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 completion of the acquisition, the chief accounting officer now directly owns 10,000 shares of the company's stock, valued at $50,700. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 67,500 shares of company stock valued at $331,525 over the last ninety days. Corporate insiders own 1.13% of the company's stock.

Institutional Trading of Neogen

A number of large investors have recently bought and sold shares of NEOG. Bryce Point Capital LLC bought a new position in shares of Neogen in the first quarter valued at $991,000. LPL Financial LLC grew its holdings in shares of Neogen by 7.6% in the first quarter. LPL Financial LLC now owns 192,759 shares of the company's stock worth $1,567,000 after purchasing an additional 13,626 shares during the last quarter. Inspire Advisors LLC raised its holdings in Neogen by 47.8% in the first quarter. Inspire Advisors LLC now owns 21,025 shares of the company's stock worth $182,000 after buying an additional 6,799 shares during the last quarter. Angeles Wealth Management LLC bought a new stake in Neogen during the first quarter valued at about $99,000. Finally, Avantax Advisory Services Inc. lifted its stake in shares of Neogen by 63.4% during the 1st quarter. Avantax Advisory Services Inc. now owns 25,014 shares of the company's stock worth $217,000 after acquiring an additional 9,707 shares during the last quarter. 96.73% of the stock is currently owned by institutional investors.

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.