The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Neogen Corporation shares valued at $33,750 were purchased by Green Ronald D on Aug 02. At $22.50 per share, Green Ronald D acquired 1,500 shares. The insider’s holdings grew to 10,694 shares worth approximately $0.23 million following the completion of this transaction.
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Also, ADENT JOHN EDWARD purchased 17,500 shares, netting a total of over 403,725 in proceeds. Following the buying of shares at $23.07 each, the insider now holds 58,103 shares.
Before that, Tobin James P had added 2,000 shares to its account. In a trade valued at $45,960, the Director bought Neogen Corporation shares for $22.98 each. Upon closing the transaction, the insider’s holdings increased to 2,000 shares, worth approximately $0.3 million.
As published in their initiating research note from Piper Sandler on July 12, 2022, Neogen Corporation [NEOG] has been a Neutral and the price target has been revised to $25. This represents a 13.76% premium over Thursday’s closing price. Analysts at Guggenheim started covering the stock with ‘”a Neutral”‘ outlook in a report released in late May. Earlier on July 14, 2017, CL King initiated its rating. Their recommendation was “a Neutral” for NEOG stock.
Analyzing NEOG’s Price Performance
On Thursday, Neogen Corporation [NASDAQ: NEOG] plunged -2.80% to $21.56. The stock’s lowest price that day was $21.07, but it reached a high of $22.26 in the same session. During the last five days, there has been a drop of approximately -5.31%. Over the course of the year, Neogen Corporation shares have dropped approximately -52.52%. Shares of the company reached a 52-week high of $45.60 on 01/03/22 and a 52-week low of $21.07 on 08/04/22. A 50-day SMA is recorded $23.76, while a 200-day SMA reached $33.36. Nevertheless, trading volume fell to 5.8 million shares from 2.8 million shares the previous day.
Support And Resistance Levels for Neogen Corporation (NEOG)
According to the 24-hour chart, there is a support level at 21.00, which, if violated, would cause prices to drop to 20.44. In the upper region, resistance lies at 22.19. The next price resistance is at 22.82. RSI (Relative Strength Index) is 39.49 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.39, which suggests the price will decrease in the coming days. Percent R is at 80.56%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Neogen Corporation subject to short interest?
Stocks of Neogen Corporation saw a sharp rise in short interest on Jul 14, 2022 jumping by 1.37 million shares to 7.18 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 5.81 million shares. A jump of 19.08% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 8.17 of the overall float, the days-to-cover ratio (short ratio) jumped to 8.17.
Which companies own the most shares of Neogen Corporation (NEOG)?
According to BlackRock Fund Advisors filings, the company currently owns 10,665,702 shares, which is about 9.86% of the total NEOG shares outstanding. The investor’s shares have appreciated by 44,737 from its previous 13-F filing of 10620965.0 shares. With the completion of the sale transaction, Brown Capital Management LLC’s stake is now worth $251,359,878. The Vanguard Group, Inc. reduced a -1.01% interest valued at $245.41 million while Wasatch Advisors, Inc. sold a -200,956 stake. A total of 580,088 shares of Neogen Corporation were sold by Conestoga Capital Advisors LLC during the quarter, and -303,714 were sold by Fred Alger Management LLC. In its current portfolio, Select Equity Group LP holds 4,068,056 shares valued at $98.0 million.
In terms of Neogen Corporation share price expectations, FactSet research, analysts set an average price target of $26.00 in the next 12 months, up nearly 17.22% from the previous closing price of $22.18. Analysts anticipate Neogen Corporation stock to reach $26.00 by 2022, with the lowest price target being $26.00. In spite of this, 3 analysts ranked Neogen Corporation stock as a Hold at the end of 2022.