Neogen (NASDAQ:NEOG) Stock Price Down 3.2% Following Analyst Downgrade

Neogen Co. (NASDAQ:NEOG - Get Free Report)'s stock price traded down 3.2% during trading on Monday after Piper Sandler lowered their price target on the stock from $13.00 to $6.50. Piper Sandler currently has a neutral rating on the stock. Neogen traded as low as $5.38 and last traded at $5.40. 3,917,491 shares were traded during mid-day trading, an increase of 54% from the average session volume of 2,549,049 shares. The stock had previously closed at $5.58.

Separately, Guggenheim dropped their target price 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.

Insider Activity

In related news, CAO John Patrick Moylan purchased 10,000 shares of Neogen stock in a transaction on Thursday, April 10th. The stock was purchased at an average cost of $5.07 per share, with a total value of $50,700.00. Following the acquisition, the chief accounting officer now directly owns 10,000 shares in the company, valued at approximately $50,700. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 1.13% of the stock is owned by company insiders.

Institutional Investors Weigh In On Neogen

Several hedge funds have recently made changes to their positions in the stock. Harbour Investments Inc. bought a new stake in shares of Neogen during the fourth quarter valued at approximately $27,000. Versant Capital Management Inc boosted 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 acquiring an additional 2,931 shares in the last quarter. Blue Trust Inc. raised its position in Neogen by 196.7% in the fourth quarter. Blue Trust Inc. now owns 3,368 shares of the company's stock worth $41,000 after purchasing an additional 2,233 shares in the last quarter. Johnson Financial Group Inc. bought a new position in Neogen during the fourth quarter worth about $43,000. Finally, Covestor Ltd boosted its holdings in Neogen by 41.4% during the fourth quarter. Covestor Ltd now owns 4,103 shares of the company's stock valued at $50,000 after purchasing an additional 1,202 shares in the last quarter. Institutional investors own 96.73% of the company's stock.

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 company has a market capitalization of $952.80 million, a P/E ratio of -2.00 and a beta of 1.57. The firm has a 50 day moving average price of $8.51 and a two-hundred day moving average price of $11.60.

Neogen (NASDAQ:NEOG - Get Free Report) last released its quarterly earnings data 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 company had revenue of $221.00 million for the quarter, compared to analyst estimates of $225.27 million. During the same quarter in the prior year, the company earned $0.12 earnings per share. The business's revenue was down 3.4% compared to the same quarter last year. On average, research analysts expect that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Neogen Company Profile

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.