Neo Performance Materials (TSE:NEO) Trading Down 7.1% – Here’s What Happened

Shares of Neo Performance Materials Inc. (TSE:NEO) fell 7.1% on Thursday . The company traded as low as C$28.00 and last traded at C$28.80. 127,220 shares changed hands during trading, a decline of 51% from the average session volume of 257,961 shares. The stock had previously closed at C$31.01.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on NEO. Stifel Nicolaus upped their price objective on shares of Neo Performance Materials from C$26.00 to C$38.00 in a research note on Wednesday, May 13th. BMO Capital Markets raised their price objective on Neo Performance Materials from C$30.00 to C$38.00 in a report on Thursday, May 14th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Neo Performance Materials currently has an average rating of “Buy” and a consensus target price of C$38.00.

Neo Performance Materials Trading Up 4.2%

The company has a market cap of C$1.25 billion, a price-to-earnings ratio of -124.42 and a beta of 1.46. The firm has a 50-day moving average price of C$25.23 and a 200 day moving average price of C$21.22. The company has a current ratio of 1.76, a quick ratio of 1.92 and a debt-to-equity ratio of 41.75.

Neo Performance Materials (TSE:NEO) last released its quarterly earnings data on Tuesday, May 12th. The company reported C$0.47 earnings per share (EPS) for the quarter. Neo Performance Materials had a negative return on equity of 2.63% and a negative net margin of 2.03%.The business had revenue of C$215.44 million during the quarter. As a group, sell-side analysts forecast that Neo Performance Materials Inc. will post 0.6753356 EPS for the current year.

Insider Buying and Selling

In other news, insider Kevin Morris sold 20,000 shares of the company’s stock in a transaction on Monday, March 23rd. The stock was sold at an average price of C$22.99, for a total value of C$459,800.00. Following the completion of the sale, the insider owned 105,966 shares in the company, valued at C$2,436,158.34. This represents a 15.88% decrease in their ownership of the stock. Insiders own 22.38% of the company’s stock.

Neo Performance Materials Company Profile

Neo manufactures the building blocks of many modern technologies that enhance efficiency and sustainability. Neo’s advanced industrial materials – magnetic powders, rare earth magnets, magnetic assemblies, specialty chemicals, metals, and alloys – are critical to the performance of many everyday products and emerging technologies. Neo’s products fast-forward technologies for the net-zero transition. The business of Neo is organized along three segments: Magnequench, Chemicals & Oxides and Rare Metals.