Neogen (NASDAQ:NEOG) Share Price Breaks Above Fifty Day Moving Average - Here's Why

Key Points

• Neogen shares moved above their 50-day moving average, trading as high as $12.81 and last at $12.46, compared with the average of $12.25.
• Analyst views are mixed: Guggenheim and Piper Sandler raised their price targets to $14, while MarketBeat’s consensus rating remains “Hold” with a $12.67 target.
• Neogen beat quarterly estimates, reporting earnings of $0.08 per share versus $0.05 expected and revenue of $222.8 million versus $208.18 million expected; revenue rose 6.5% year over year.

Neogen Corporation (NASDAQ:NEOG - Get Free Report)'s stock price crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $12.25 and traded as high as $12.81. Neogen shares last traded at $12.46, with a volume of 4,511,767 shares traded.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on NEOG shares. Guggenheim reissued a "buy" rating and set a $14.00 target price (up from $12.00) on shares of Neogen in a research note on Wednesday, September 30th. Wall Street Zen downgraded shares of Neogen from a "strong-buy" rating to a "buy" rating in a research note on Sunday, October 11th. Weiss Ratings upgraded shares of Neogen from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, August 7th. Finally, Piper Sandler upgraded shares of Neogen from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $13.00 to $14.00 in a research note on Wednesday, August 26th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Neogen presently has a consensus rating of "Hold" and a consensus price target of $12.67.

Neogen Stock Performance

The business has a 50-day moving average price of $12.25 and a 200-day moving average price of $10.46. The company has a quick ratio of 2.92, a current ratio of 3.90 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of -49.84, a P/E/G ratio of 4.32 and a beta of 1.86.

Neogen (NASDAQ:NEOG - Get Free Report) last posted its quarterly earnings data on Tuesday, October 6th. The company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.05 by $0.03. The firm had revenue of $222.80 million during the quarter, compared to analysts' expectations of $208.18 million. Neogen had a positive return on equity of 3.29% and a negative net margin of 6.35%. The business's quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.04 EPS. As a group, sell-side analysts forecast that Neogen Corporation will post 0.28 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NEOG. Keybank National Association OH acquired a new position in Neogen in the 3rd quarter valued at about $246,000. Pictet Asset Management Holding SA grew its holdings in shares of Neogen by 14.2% during the third quarter. Pictet Asset Management Holding SA now owns 33,747 shares of the company's stock worth $432,000 after buying an additional 4,202 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Neogen by 121.8% during the third quarter. Parallel Advisors LLC now owns 2,085 shares of the company's stock worth $27,000 after buying an additional 1,145 shares in the last quarter. Vise Technologies Inc. purchased a new stake in shares of Neogen during the third quarter worth about $234,000. Finally, State of Wyoming raised its position in shares of Neogen by 110.0% in the third quarter. State of Wyoming now owns 51,849 shares of the company's stock valued at $664,000 after buying an additional 27,161 shares during the last quarter. Hedge funds and other institutional investors own 96.73% of the company's stock.

About Neogen

Neogen Corporation develops and markets products and services designed to help protect the food supply and support animal health. Its food safety offerings include diagnostic tests and laboratory products used to detect pathogens, allergens, mycotoxins, genetically modified organisms, veterinary drug residues, and other contaminants in food and agricultural environments.

The company also provides sanitation and hygiene products, environmental monitoring solutions, and software and data-management tools that help food processors, retailers, laboratories, and other organizations manage food safety programs.

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