Neogen (NASDAQ:NEOG) Stock Price Down 12.6% - Time to Sell?

Neogen Co. (NASDAQ:NEOG - Get Free Report)'s share price traded down 12.6% on Wednesday . The company traded as low as $5.02 and last traded at $5.25. 2,396,356 shares changed hands during trading, a decline of 22% from the average session volume of 3,079,980 shares. The stock had previously closed at $6.00.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Piper Sandler lowered their price objective on shares of Neogen from $6.40 to $5.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd. Guggenheim lowered their price objective on shares of Neogen from $15.00 to $13.00 and set a "buy" rating for the company in a report on Thursday, April 10th.

Neogen Stock Performance

The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77. The firm has a market cap of $1.07 billion, a P/E ratio of -2.24 and a beta of 1.84. The business's 50-day simple moving average is $5.98 and its 200 day simple moving average is $9.57.

Neogen (NASDAQ:NEOG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 9th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.02). The business had revenue of $221.00 million for the quarter, compared to analysts' expectations of $225.27 million. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The company's revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.12 EPS. As a group, equities analysts predict that Neogen Co. will post 0.38 earnings per share for the current year.

Insiders Place Their Bets

In other Neogen news, Director James P. Tobin bought 10,000 shares of Neogen stock in a transaction dated Tuesday, April 22nd. The shares were purchased at an average cost of $4.73 per share, for a total transaction of $47,300.00. Following the acquisition, the director now directly owns 37,474 shares in the company, valued at approximately $177,252.02. This represents a 36.40% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Aashima Gupta bought 16,000 shares of Neogen stock in a transaction dated Monday, May 12th. The stock was acquired at an average price of $6.25 per share, for a total transaction of $100,000.00. Following the completion of the acquisition, the director now owns 21,917 shares in the company, valued at approximately $136,981.25. The trade was a 270.41% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 83,500 shares of company stock worth $431,525 in the last 90 days. 1.13% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Neogen

Several hedge funds have recently added to or reduced their stakes in NEOG. Barclays PLC boosted its position in Neogen by 129.8% in the 3rd quarter. Barclays PLC now owns 366,753 shares of the company's stock valued at $6,165,000 after buying an additional 207,160 shares during the period. Blue Trust Inc. lifted its position in Neogen by 196.7% during the fourth 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 last quarter. KBC Group NV lifted its position in Neogen by 39.1% during the fourth quarter. KBC Group NV now owns 8,464 shares of the company's stock valued at $103,000 after acquiring an additional 2,379 shares during the last quarter. American Capital Advisory LLC lifted its position in Neogen by 291.6% during the fourth quarter. American Capital Advisory LLC now owns 53,213 shares of the company's stock valued at $646,000 after acquiring an additional 39,623 shares during the last quarter. Finally, Stephens Investment Management Group LLC increased its stake in Neogen by 1.4% during the 4th quarter. Stephens Investment Management Group LLC now owns 2,642,726 shares of the company's stock valued at $32,083,000 after purchasing an additional 36,605 shares in 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.