Neogen (NASDAQ:NEOG) Stock Price Down 3.9% - Here's Why

Shares of Neogen Corporation (NASDAQ:NEOG - Get Free Report) dropped 3.9% during mid-day trading on Wednesday . The stock traded as low as $5.07 and last traded at $5.08. Approximately 2,300,601 shares traded hands during trading, a decline of 29% from the average daily volume of 3,232,013 shares. The stock had previously closed at $5.28.

Analyst Upgrades and Downgrades

NEOG has been the subject of several research analyst reports. Guggenheim cut their price objective on Neogen from $15.00 to $13.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Piper Sandler cut their price target 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.

Neogen Stock Down 5.5%

The company has a debt-to-equity ratio of 0.33, a current ratio of 3.91 and a quick ratio of 2.45. The stock has a market capitalization of $1.08 billion, a P/E ratio of -2.24 and a beta of 1.84. The stock's fifty day moving average is $5.59 and its two-hundred day moving average is $8.93.

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 analysts' consensus estimates of $0.12 by ($0.02). The company had revenue of $221.00 million for the quarter, compared to analyst estimates of $225.27 million. Neogen had a negative net margin of 53.56% and a positive return on equity of 2.69%. Neogen's revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the company posted $0.12 EPS. As a group, research analysts predict that Neogen Corporation will post 0.38 earnings per share for the current fiscal year.

Insider Activity at Neogen

In other news, Director James C. Borel bought 35,000 shares of the business's stock in a transaction on Thursday, April 24th. The shares were bought at an average cost of $4.89 per share, with a total value of $171,150.00. Following the purchase, the director now directly owns 60,474 shares in the company, valued at $295,717.86. This trade represents a 137.39% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Aashima Gupta bought 16,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was acquired at an average cost of $6.25 per share, with a total value of $100,000.00. Following the transaction, the director now owns 21,917 shares of the company's stock, valued at $136,981.25. This trade represents a 270.41% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 83,500 shares of company stock worth $431,525 in the last quarter. 1.13% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NEOG. Connable Office Inc. boosted its position in Neogen by 5.6% during the 4th quarter. Connable Office Inc. now owns 18,793 shares of the company's stock worth $228,000 after acquiring an additional 1,000 shares during the period. Covestor Ltd lifted its position in shares of Neogen by 41.4% in the fourth quarter. Covestor Ltd now owns 4,103 shares of the company's stock worth $50,000 after purchasing an additional 1,202 shares in the last quarter. Inspire Advisors LLC boosted its holdings in shares of Neogen by 10.1% during the fourth quarter. Inspire Advisors LLC now owns 14,226 shares of the company's stock worth $173,000 after purchasing an additional 1,304 shares during the period. CHICAGO TRUST Co NA boosted its holdings in shares of Neogen by 19.1% during 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 period. Finally, Ascent Group LLC grew its position in Neogen by 17.8% during the fourth quarter. Ascent Group LLC now owns 14,340 shares of the company's stock valued at $174,000 after purchasing an additional 2,165 shares in the last quarter. Hedge funds and other 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.