Wall Street Zen Upgrades Neogen (NASDAQ:NEOG) to "Hold"

Key Points

• Wall Street Zen has upgraded Neogen from a "sell" rating to a "hold" rating, indicating a more favorable outlook on the stock.
• Despite the upgrade, the consensus rating for Neogen remains a "hold" with a target price of $8.33, reflecting mixed perspectives from different analysts.
• Institutional investors hold a significant 96.73% of Neogen's stock, highlighting strong support from larger investment entities.

Neogen (NASDAQ:NEOG - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday.

A number of other analysts have also recently issued reports on the company. William Blair cut Neogen from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 29th. Zacks Research upgraded Neogen from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. CJS Securities began coverage on Neogen in a research report on Monday, September 29th. They set a "market perform" rating and a $10.00 price objective on the stock. Weiss Ratings reiterated a "sell (e+)" rating on shares of Neogen in a research report on Wednesday. Finally, Guggenheim lowered their price target on Neogen from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, June 30th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $8.33.

Neogen Stock Performance

NEOG opened at $6.04 on Friday. The stock has a market cap of $1.31 billion, a PE ratio of -1.26 and a beta of 1.90. The company has a current ratio of 3.32, a quick ratio of 2.22 and a debt-to-equity ratio of 0.42. Neogen has a 1 year low of $3.87 and a 1 year high of $16.79. The stock's 50 day simple moving average is $5.57 and its 200-day simple moving average is $5.64.

Hedge Funds Weigh In On Neogen

Institutional investors have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd raised its holdings in shares of Neogen by 388.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 10,071 shares of the company's stock worth $87,000 after buying an additional 8,010 shares in the last quarter. Savant Capital LLC acquired a new position in shares of Neogen during the 2nd quarter worth $50,000. Lindenwold Advisors INC acquired a new position in shares of Neogen during the 1st quarter worth $92,000. Cresset Asset Management LLC acquired a new position in shares of Neogen during the 2nd quarter worth $53,000. Finally, Angeles Wealth Management LLC acquired a new position in shares of Neogen during the 1st quarter worth $99,000. Institutional investors and hedge funds own 96.73% of the company's stock.

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.

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