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

Neogen Corporation (NASDAQ:NEOG) saw a large drop in short interest in 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. Currently, 6.5% of the company’s stock are sold short. Based on an average trading volume of 6,000,603 shares, the short-interest ratio is presently 2.3 days. Based on an average trading volume of 6,000,603 shares, the short-interest ratio is presently 2.3 days. Currently, 6.5% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

NEOG has been the subject of a number of analyst reports. Guggenheim restated a “buy” rating and issued a $12.00 price target (up from $8.00) on shares of Neogen in a research note on Friday, January 9th. CJS Securities upgraded shares of Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 target price on the stock in a report on Wednesday, December 10th. Piper Sandler reiterated a “neutral” rating and issued a $10.00 price target (up previously from $6.50) on shares of Neogen in a research note on Monday, January 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Neogen in a research report on Monday, December 29th. Finally, Wall Street Zen cut shares of Neogen from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $10.67.

Neogen Stock Performance

Shares of NEOG traded up $0.23 during midday trading on Monday, reaching $10.45. 1,326,671 shares of the stock were exchanged, compared to its average volume of 4,492,960. 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 stock’s 50 day simple moving average is $7.74 and its 200 day simple moving average is $6.39. Neogen has a twelve month low of $3.87 and a twelve month high of $11.23. The company has a market cap of $2.27 billion, a P/E ratio of -3.77 and a beta of 1.98.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings data on Thursday, January 8th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate 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 quarter in the previous year, the company earned $0.11 EPS. The business’s revenue was down 2.9% on a year-over-year basis. On average, sell-side analysts expect that Neogen will post 0.38 earnings per share for the current year.

Hedge Funds Weigh In On Neogen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NEOG. State of Alaska Department of Revenue grew its holdings in shares of Neogen by 1.2% during the 4th quarter. State of Alaska Department of Revenue now owns 110,645 shares of the company’s stock worth $773,000 after purchasing an additional 1,353 shares in the last quarter. Evergreen Capital Management LLC lifted its position in Neogen by 12.3% during the fourth quarter. Evergreen Capital Management LLC now owns 13,753 shares of the company’s stock worth $96,000 after purchasing an additional 1,504 shares during the period. California State Teachers Retirement System grew its stake in Neogen by 1.1% during the second quarter. California State Teachers Retirement System now owns 191,084 shares of the company’s stock worth $913,000 after buying an additional 2,166 shares in the last quarter. Sage Rhino Capital LLC increased its holdings in Neogen by 25.2% in the 3rd quarter. Sage Rhino Capital LLC now owns 16,618 shares of the company’s stock valued at $95,000 after buying an additional 3,343 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Neogen by 7.3% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 50,707 shares of the company’s stock valued at $242,000 after buying an additional 3,463 shares in the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.

Neogen Company Profile

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.