Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Neogen Corp. shares valued at $284,190 were purchased by ADENT JOHN EDWARD on Apr 10 ’24. At $12.36 per share, ADENT JOHN EDWARD acquired 23,000 shares. The insider’s holdings grew to 152,389 shares worth approximately $1.9 million following the completion of this transaction.
Also, Naemura David H. purchased 12,500 shares, netting a total of over 156,321 in proceeds. Following the buying of shares at $12.51 each, the insider now holds 30,040 shares.
Before that, BOEHM WILLIAM T had added 2,000 shares to its account. In a trade valued at $32,110, the Director bought Neogen Corp. shares for $16.05 each. Upon closing the transaction, the insider’s holdings increased to 2,000 shares, worth approximately $0.33 million.
As published in their initiating research note from Wells Fargo on June 16, 2023, Neogen Corp. [NEOG] has been an Overweight and the price target has been revised to $22. Analysts at William Blair upgraded the stock from ‘”a Mkt perform”‘ to ‘”an Outperform”‘ outlook in a report released in late November. As of July 12, 2022, Piper Sandler has initiated its “Neutral” rating for NEOG. Earlier on May 23, 2019, Guggenheim initiated its rating. Their recommendation was “a Neutral” for NEOG stock.
Analyzing NEOG Stock Performance
During the last five days, there has been a drop of approximately -12.34%. Over the course of the year, Neogen Corp. shares have dropped approximately -37.84%. Shares of the company reached a 52-week high of $20.72 on 01/02/24 and a 52-week low of $12.18 on 04/10/24. A 50-day SMA is recorded $15.88, while a 200-day SMA reached $18.40. Nevertheless, trading volume fell to 4.73 million shares from 1.66 million shares the previous day.
Support And Resistance Levels for Neogen Corp. (NEOG)
According to the 24-hour chart, there is a support level at 12.16, which, if violated, would cause prices to drop to 11.82. In the upper region, resistance lies at 12.85. The next price resistance is at 13.21. RSI (Relative Strength Index) is 22.79 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.28, which suggests the price will decrease in the coming days. Percent R is at 91.40%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Neogen Corp. subject to short interest?
Stocks of Neogen Corp. saw a sharp rise in short interest on Mar 28, 2024 jumping by 0.89 million shares to 16.71 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 15.82 million shares. A jump of 5.33% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 12.78 of the overall float, the days-to-cover ratio (short ratio) jumped to 12.78.
