Short Interest in Neogen Corporation (NASDAQ:NEOG) Decreases By 17.6%

Neogen Corporation (NASDAQ:NEOG) saw a significant decline in short interest in the month of January. As of January 15th, there was short interest totaling 14,099,129 shares, a decline of 17.6% from the December 31st total of 17,105,312 shares. Approximately 6.5% of the company’s shares are sold short. Based on an average trading volume of 6,000,603 shares, the days-to-cover ratio is currently 2.3 days. Based on an average trading volume of 6,000,603 shares, the days-to-cover ratio is currently 2.3 days. Approximately 6.5% of the company’s shares are sold short.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Merit Financial Group LLC acquired a new stake in Neogen in the fourth quarter valued at approximately $71,000. Savant Capital LLC acquired a new position in shares of Neogen during the second quarter worth approximately $50,000. Tudor Investment Corp ET AL bought a new position in shares of Neogen in the 3rd quarter worth $62,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Neogen in the 4th quarter valued at $76,000. Finally, Coldstream Capital Management Inc. acquired a new stake in Neogen in the 3rd quarter valued at $64,000. 96.73% of the stock is owned by institutional investors and hedge funds.

Neogen Stock Up 0.2%

Shares of Neogen stock traded up $0.02 during trading on Tuesday, reaching $10.27. 3,483,170 shares of the company traded hands, compared to its average volume of 4,588,107. The firm has a market capitalization of $2.23 billion, a PE ratio of -3.71 and a beta of 1.98. Neogen has a 1-year low of $3.87 and a 1-year high of $10.90. The company has a 50 day moving average price of $7.91 and a 200-day moving average price of $6.46. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.91 and a quick ratio of 2.80.

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

Analyst Upgrades and Downgrades

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

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.