Neogen (NASDAQ:NEOG) Trading 7.1% Higher - Time to Buy?

Neogen Co. (NASDAQ:NEOG - Get Free Report)'s stock price rose 7.1% on Monday . The stock traded as high as $5.57 and last traded at $5.58. Approximately 1,204,778 shares traded hands during trading, a decline of 62% from the average daily volume of 3,180,053 shares. The stock had previously closed at $5.21.

Analysts Set New Price Targets

NEOG has been the subject of several recent research reports. Piper Sandler dropped their target price 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 dropped their target price 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 Price Performance

The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -2.57 and a beta of 1.84. The company's 50 day simple moving average is $5.65 and its 200-day simple moving average is $9.17. The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33.

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

Insiders Place Their Bets

In related news, CAO John Patrick Moylan bought 10,000 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the chief accounting officer now owns 10,000 shares of the company's stock, valued at approximately $50,700. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Aashima Gupta bought 16,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was bought at an average cost of $6.25 per share, for a total transaction of $100,000.00. Following the completion of the transaction, the director now directly owns 21,917 shares of the company's stock, valued at approximately $136,981.25. The trade was a 270.41% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 83,500 shares of company stock valued at $431,525 in the last ninety days. Insiders own 1.13% of the company's stock.

Institutional Investors Weigh In On Neogen

Hedge funds have recently modified their holdings of the stock. Harbour Investments Inc. acquired a new stake in shares of Neogen in the fourth quarter worth approximately $27,000. Versant Capital Management Inc boosted its position in shares of Neogen by 1,495.4% in the first quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock worth $27,000 after acquiring an additional 2,931 shares during the last quarter. Johnson Financial Group Inc. acquired a new stake in shares of Neogen in the fourth quarter worth approximately $43,000. Blue Trust Inc. boosted its position in shares of Neogen by 247.6% in the fourth quarter. Blue Trust Inc. now owns 3,945 shares of the company's stock worth $48,000 after acquiring an additional 2,810 shares during the last quarter. Finally, Covestor Ltd boosted 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 acquiring an additional 1,202 shares during the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.

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.