Neogen Corporation (NASDAQ:NEOG) Short Interest Down 15.8% in January

Neogen Corporation (NASDAQ:NEOG) was the recipient of a large drop in short interest during the month of January. As of January 30th, there was short interest totaling 11,865,302 shares, a drop of 15.8% from the January 15th total of 14,099,129 shares. Approximately 5.5% of the company’s shares are sold short. Based on an average trading volume of 3,196,788 shares, the days-to-cover ratio is currently 3.7 days. Based on an average trading volume of 3,196,788 shares, the days-to-cover ratio is currently 3.7 days. Approximately 5.5% of the company’s shares are sold short.

Hedge Funds Weigh In On Neogen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NEOG. AQR Capital Management LLC raised its stake in shares of Neogen by 217.0% in the first quarter. AQR Capital Management LLC now owns 52,410 shares of the company’s stock worth $443,000 after purchasing an additional 35,878 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Neogen by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 129,813 shares of the company’s stock worth $1,125,000 after buying an additional 5,638 shares during the period. Jones Financial Companies Lllp raised its position in Neogen by 5,687.3% during the 1st quarter. Jones Financial Companies Lllp now owns 33,393 shares of the company’s stock worth $290,000 after buying an additional 32,816 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Neogen by 14.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,678,493 shares of the company’s stock valued at $14,553,000 after acquiring an additional 209,990 shares during the period. Finally, United Services Automobile Association purchased a new stake in shares of Neogen in the 1st quarter valued at $112,000. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Neogen Trading Up 1.5%

Neogen stock opened at $10.94 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.80 and a current ratio of 3.91. The stock has a market cap of $2.38 billion, a PE ratio of -3.95 and a beta of 1.98. The stock has a 50-day moving average of $8.67 and a two-hundred day moving average of $6.78. Neogen has a one year low of $3.87 and a one year high of $11.15.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings data on Thursday, January 8th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.03. The firm had revenue of $224.69 million for the quarter, compared to the consensus estimate of $208.50 million. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.11 earnings per share. On average, research analysts anticipate that Neogen will post 0.38 EPS for the current fiscal year.

Analysts Set New Price Targets

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

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.