Neogen Corporation (NASDAQ:NEOG) Short Interest Update

Neogen Corporation (NASDAQ:NEOG) was the target of a large decrease in short interest in January. As of January 30th, there was short interest totaling 11,865,302 shares, a decrease of 15.8% from the January 15th total of 14,099,129 shares. Currently, 5.5% of the company’s shares are short sold. Based on an average trading volume of 3,196,788 shares, the days-to-cover ratio is currently 3.7 days. Based on an average trading volume of 3,196,788 shares, the days-to-cover ratio is currently 3.7 days. Currently, 5.5% of the company’s shares are short sold.

Hedge Funds Weigh In On Neogen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted its stake in shares of Neogen by 217.0% in the first quarter. AQR Capital Management LLC now owns 52,410 shares of the company’s stock worth $443,000 after buying an additional 35,878 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Neogen by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 129,813 shares of the company’s stock worth $1,125,000 after acquiring an additional 5,638 shares during the period. Jones Financial Companies Lllp raised its holdings in Neogen by 5,687.3% in the 1st quarter. Jones Financial Companies Lllp now owns 33,393 shares of the company’s stock worth $290,000 after acquiring an additional 32,816 shares during the period. Goldman Sachs Group Inc. lifted its position in Neogen by 14.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,678,493 shares of the company’s stock worth $14,553,000 after acquiring an additional 209,990 shares during the last quarter. Finally, United Services Automobile Association bought a new stake in Neogen during the first quarter valued at about $112,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on NEOG shares. Piper Sandler reiterated a “neutral” rating and set a $10.00 price target (up previously from $6.50) on shares of Neogen in a report on Monday, January 12th. Guggenheim reaffirmed a “buy” rating and set a $12.00 target price (up previously from $8.00) on shares of Neogen in a research note on Friday, January 9th. CJS Securities raised shares of 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. Wall Street Zen raised shares of Neogen from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Neogen in a research note on Monday, December 29th. Two equities research 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. Based on data from MarketBeat.com, Neogen has an average rating of “Hold” and an average price target of $10.67.

Neogen Stock Up 1.5%

NEOG traded up $0.16 during midday trading on Wednesday, hitting $11.15. 1,945,578 shares of the company’s stock traded hands, compared to its average volume of 4,139,002. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.91 and a quick ratio of 2.80. The company has a market cap of $2.43 billion, a PE ratio of -4.03 and a beta of 1.98. The stock’s fifty day simple moving average is $8.86 and its 200-day simple moving average is $6.87. Neogen has a one year low of $3.87 and a one year high of $11.22.

Neogen (NASDAQ:NEOG) last released its quarterly earnings results on Thursday, January 8th. The company reported $0.10 earnings per share for the quarter, beating 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 business had revenue of $224.69 million for the quarter, compared to the consensus estimate of $208.50 million. During the same quarter last year, the firm earned $0.11 EPS. Neogen’s revenue for the quarter was down 2.9% on a year-over-year basis. As a group, equities analysts anticipate that Neogen will post 0.38 earnings per share for the current fiscal year.

About Neogen

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.