Neogen (NASDAQ:NEOG) Shares Gap Down – Here’s Why

Shares of Neogen Co. (NASDAQ:NEOG) gapped down prior to trading on Friday . The stock had previously closed at $13.07, but opened at $11.71. Neogen shares last traded at $12.20, with a volume of 703,816 shares trading hands.

Analyst Ratings Changes

A number of research analysts recently commented on NEOG shares. StockNews.com upgraded Neogen to a “sell” rating in a research report on Monday, September 30th. Guggenheim started coverage on shares of Neogen in a report on Thursday, December 19th. They set a “buy” rating and a $15.00 price target for the company.

Neogen Trading Down 5.9 %

The company has a market cap of $2.67 billion, a price-to-earnings ratio of -111.82 and a beta of 1.23. The business’s fifty day moving average price is $13.54 and its 200 day moving average price is $15.11. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.41 and a quick ratio of 2.79.

Neogen (NASDAQ:NEOG) last released its quarterly earnings results on Friday, January 10th. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.12. The firm had revenue of $231.30 million for the quarter, compared to analyst estimates of $227.16 million. Neogen had a positive return on equity of 2.80% and a negative net margin of 2.58%. The business’s revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.11 EPS. Research analysts anticipate that Neogen Co. will post 0.5 earnings per share for the current fiscal year.

Institutional Trading of Neogen

A number of large investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC boosted its position in shares of Neogen by 142.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock valued at $33,000 after purchasing an additional 1,165 shares in the last quarter. Headlands Technologies LLC grew its position in shares of Neogen by 264.1% during the 2nd quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock worth $53,000 after buying an additional 2,464 shares during the period. Neo Ivy Capital Management bought a new stake in shares of Neogen in the 3rd quarter valued at $66,000. Marco Investment Management LLC acquired a new position in shares of Neogen during the 3rd quarter valued at $169,000. Finally, Raymond James Trust N.A. bought a new position in Neogen during the third quarter worth $182,000. 96.73% of the stock is currently owned by institutional investors and hedge funds.

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.