Neogen Corporation (NASDAQ:NEOG) Short Interest Down 17.6% in January

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

Analyst Ratings Changes

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

Institutional Investors Weigh In On Neogen

Institutional investors and hedge funds have recently bought and sold shares of the stock. Merit Financial Group LLC acquired a new stake in shares of Neogen during the fourth quarter worth about $71,000. Savant Capital LLC purchased a new stake in Neogen in the second quarter valued at approximately $50,000. Swiss Life Asset Management Ltd acquired a new stake in shares of Neogen in the fourth quarter valued at approximately $73,000. Tudor Investment Corp ET AL purchased a new position in shares of Neogen during the third quarter worth approximately $62,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Neogen in the 4th quarter valued at $76,000. 96.73% of the stock is owned by hedge funds and other institutional investors.

Neogen Stock Up 1.2%

NEOG stock traded up $0.13 during midday trading on Wednesday, hitting $10.40. The company’s stock had a trading volume of 1,807,695 shares, compared to its average volume of 4,423,418. Neogen has a 52-week low of $3.87 and a 52-week high of $10.90. The firm has a 50-day simple moving average of $7.91 and a 200-day simple moving average of $6.46. The company has a quick ratio of 2.80, a current ratio of 3.91 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $2.26 billion, a P/E ratio of -3.76 and a beta of 1.98.

Neogen (NASDAQ:NEOG) last released its earnings results on Thursday, January 8th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.07 by $0.03. The firm had revenue of $224.69 million during the quarter, compared to analysts’ expectations of $208.50 million. Neogen had a positive return on equity of 2.14% and a negative net margin of 68.47%.Neogen’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.11 EPS. As a group, equities analysts forecast that Neogen will post 0.38 EPS for the current 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.