Neogen (NASDAQ:NEOG) Shares Gap Up Following Insider Buying Activity

Neogen Co. (NASDAQ:NEOG)’s share price gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $14.02, but opened at $14.40. Neogen shares last traded at $14.64, with a volume of 107,213 shares changing hands.

Specifically, CEO John Edward Adent acquired 14,500 shares of the stock in a transaction on Friday, October 11th. The stock was acquired at an average cost of $13.80 per share, for a total transaction of $200,100.00. Following the completion of the acquisition, the chief executive officer now directly owns 216,477 shares of the company’s stock, valued at approximately $2,987,382.60. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

NEOG has been the subject of several recent research reports. Piper Sandler raised their price objective on Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a research report on Tuesday, August 6th. StockNews.com raised shares of Neogen to a “sell” rating in a research report on Monday, September 30th.

Neogen Stock Down 0.8 %

The company has a quick ratio of 2.59, a current ratio of 3.82 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $3.16 billion, a PE ratio of 1,461.00 and a beta of 1.21. The company’s fifty day moving average price is $16.10 and its 200-day moving average price is $15.17.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Thursday, October 10th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.03). Neogen had a negative net margin of 1.02% and a positive return on equity of 3.09%. The company had revenue of $217.00 million for the quarter, compared to analysts’ expectations of $215.05 million. During the same quarter in the previous year, the firm posted $0.11 EPS. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. Analysts forecast that Neogen Co. will post 0.54 earnings per share for the current year.

Hedge Funds Weigh In On Neogen

Large investors have recently modified their holdings of the stock. Covestor Ltd increased its stake in Neogen by 173.2% during the 1st quarter. Covestor Ltd now owns 1,970 shares of the company’s stock valued at $31,000 after purchasing an additional 1,249 shares in the last quarter. Innealta Capital LLC purchased a new position in Neogen in the 2nd quarter worth approximately $46,000. Headlands Technologies LLC raised its holdings in Neogen by 264.1% in the 2nd quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock worth $53,000 after acquiring an additional 2,464 shares during the last quarter. Family Firm Inc. bought a new stake in Neogen in the 2nd quarter worth about $90,000. Finally, Quantum Private Wealth LLC bought a new stake in Neogen in the 2nd quarter worth about $156,000. Hedge funds and other institutional investors own 96.73% of the company’s stock.

About Neogen

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.