Neogen (NASDAQ:NEOG) Sees Strong Trading Volume – Still a Buy?

Neogen Corporation (NASDAQ:NEOG) shares saw strong trading volume on Friday . 4,702,857 shares were traded during trading, a decline of 6% from the previous session’s volume of 5,004,718 shares.The stock last traded at $9.9060 and had previously closed at $9.93.

Analysts Set New Price Targets

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

Neogen Price Performance

The company has a market cap of $2.16 billion, a P/E ratio of -3.58 and a beta of 1.96. The company’s 50-day moving average price is $7.23 and its two-hundred day moving average price is $6.17. The company has a current ratio of 3.91, a quick ratio of 2.80 and a debt-to-equity ratio of 0.38.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Thursday, January 8th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.03. Neogen had a positive return on equity of 2.14% and a negative net margin of 68.47%.The firm had revenue of $224.69 million during the quarter, compared to analyst estimates of $208.50 million. During the same period in the previous year, the company earned $0.11 earnings per share. Neogen’s quarterly revenue was down 2.9% on a year-over-year basis. As a group, sell-side analysts expect that Neogen Corporation will post 0.38 earnings per share for the current year.

Institutional Investors Weigh In On Neogen

Several institutional investors and hedge funds have recently bought and sold shares of the business. Savant Capital LLC acquired a new position in Neogen in the second quarter valued at approximately $50,000. Tudor Investment Corp ET AL acquired a new position in Neogen during the 3rd quarter valued at approximately $62,000. Coldstream Capital Management Inc. acquired a new stake in Neogen in the third quarter worth $64,000. Cresset Asset Management LLC acquired a new position in shares of Neogen during the second quarter valued at $53,000. Finally, Evergreen Capital Management LLC acquired a new stake in shares of Neogen in the 2nd quarter worth about $56,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Neogen Company Profile

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.