Neogen Corporation (NASDAQ:NEOG) Short Interest Update

by · The Markets Daily

Neogen Corporation (NASDAQ:NEOG – Get Free Report) was the recipient of a significant drop in short interest in January. As of January 30th, there was short interest totaling 11,865,302 shares, a drop of 15.8% from the January 15th total of 14,099,129 shares. Based on an average daily trading volume, of 3,196,788 shares, the short-interest ratio is presently 3.7 days. Currently, 5.5% of the company’s stock are sold short. Currently, 5.5% of the company’s stock are sold short. Based on an average daily trading volume, of 3,196,788 shares, the short-interest ratio is presently 3.7 days.

Institutional Investors Weigh In On Neogen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Grandeur Peak Global Advisors LLC grew its position in shares of Neogen by 27.4% in the second quarter. Grandeur Peak Global Advisors LLC now owns 895,811 shares of the company’s stock valued at $4,282,000 after purchasing an additional 192,426 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in shares of Neogen by 84.9% during the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 351,155 shares of the company’s stock valued at $2,005,000 after buying an additional 161,241 shares during the period. Bank of Montreal Can lifted its holdings in shares of Neogen by 171.2% in the second quarter. Bank of Montreal Can now owns 110,406 shares of the company’s stock worth $528,000 after buying an additional 69,703 shares in the last quarter. First Citizens Bank & Trust Co. lifted its holdings in shares of Neogen by 260.0% in the second quarter. First Citizens Bank & Trust Co. now owns 63,667 shares of the company’s stock worth $304,000 after buying an additional 45,981 shares in the last quarter. Finally, ING Groep NV bought a new position in shares of Neogen in the third quarter valued at approximately $80,288,000. 96.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Piper Sandler reiterated a “neutral” rating and set a $10.00 price target (up previously from $6.50) on shares of Neogen in a research note on Monday, January 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Neogen in a research report on Monday, December 29th. Wall Street Zen upgraded Neogen from a “hold” rating to a “buy” rating in a report on Saturday. CJS Securities raised Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price target for the company in a research report on Wednesday, December 10th. Finally, Guggenheim reaffirmed a “buy” rating and set a $12.00 price objective (up from $8.00) on shares of Neogen in a report on Friday, January 9th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Neogen has an average rating of “Hold” and a consensus target price of $10.67.

Get Our Latest Stock Report on Neogen

Neogen Stock Performance

NASDAQ:NEOG traded up $0.05 during trading on Tuesday, reaching $10.99. The company’s stock had a trading volume of 3,679,852 shares, compared to its average volume of 3,199,159. Neogen has a 12 month low of $3.87 and a 12 month high of $11.15. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of -3.97 and a beta of 1.98. The firm has a 50 day moving average of $8.86 and a 200-day moving average of $6.87. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.80 and a current ratio of 3.91.

Neogen (NASDAQ:NEOG – Get Free Report) last issued its quarterly earnings results on Thursday, January 8th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. The company had revenue of $224.69 million for the quarter, compared to the consensus estimate of $208.50 million. During the same period in the previous year, the firm earned $0.11 EPS. The firm’s quarterly revenue was down 2.9% on a year-over-year basis. Research analysts expect that Neogen will post 0.38 EPS for the current fiscal year.

About Neogen

(Get Free Report)

Neogen Corporation is a global provider of food and animal safety products, offering a broad portfolio of diagnostic and testing solutions. Headquartered in Lansing, Michigan, the company develops and manufactures tests designed to detect foodborne pathogens, allergens and toxins in food, beverage and environmental samples. Since its founding in 1982, Neogen has focused on delivering rapid, accurate and user‐friendly assays to food processors, grain handlers and quality laboratories around the world.

In the food safety arena, Neogen’s product lineup includes immunoassay kits, molecular diagnostics and enrichment media for pathogens such as Salmonella, Listeria and E.

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