The stock of Neogen Corporation (NASDAQ:NEOG) is now priced at $78.19 and the shares are 0.26 points up or 0.33% higher compared to its previous closing price of $77.93. The stock had 156131 contracts set over the past session. NEOG shares’ daily volume is compared to its average trading volume at 229261 shares. However, it has a float of 52.41 million and although its performance was 7.01% over the week, it’s one to watch. Analysts have given the NEOG stock a yearly average price target of $77.5 per share. It means the stock’s downside potential is -0.88% with the NEOG share price recently placing at $77.66 to $79.9. However, some brokerage firms have priced the stock below the average, including one that has called $67.
The shorts are running away from the Neogen Corporation stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the NEOG shares have declined. Short interest in the stock represents just 4.8% of its float, but the volume has dropped by -49092. The volume of shorted shares dropped to 2.514 million from 2.563 million shares over the last two weeks. The average intraday trading volume has been 158570 shares, which means that days to cover moved to roughly 15.85566.
In the last trading session, Neogen Corporation (NASDAQ:NEOG) raised by $5.12 over the week and gained $4.71 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $79.9. The stock recorded its established 52-week high on 07/06/20.
Since 03/17/20, the stock has traded to a low of $48.91 at 59.87%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.72. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Neogen Corporation’s two-week RSI is 64.05. This suggests that the stock is neutral at the moment and that NEOG shares’ price movement remains stable. The stochastic readings are equally revealing at 88.25% meaning the NEOG share price is currently in oversold territory.
The technical chart shows that the NEOG stock will likely settle at between $79.51 and $80.82 per share. However, if the stock dips below $77.27, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $76.34.
Currently, the stock is trading in the green of MACD, with a reading of 1.74. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned NEOG a rating of Neutral in their intiating review released on May 23. ROTH Capital analysts see the stock as a Neutral with a target price of $82 in a flash note released to investors on December 05 resuming covering the stock. CL King analysts see the stock as Neutral when the analysts initiated the share price coverage on July 14.
The average rating for the NEOG equity is 2.6 and is currently gathering a bullish momentum. Of 4 analysts tracking Neogen Corporation polled by Reuters, 3 rated NEOG as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the NEOG stock price is 64.09X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 69.8 above the group’s average of 57.4. Neogen Corporation has its P/E ratio at 5.8, which means that the stock is currently trading at a premium relative to the 5.5 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Neogen Corporation (NASDAQ:NEOG) will decrease by about -99.89%, which will see them reach $112.94 million. The company’s full-year revenues are, however, expected to increase by about 1.89%, up from $414.19 million to $422.03 million. NEOG’s expected adjusted earnings should surge almost 0% to end up at $0.3 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -2.61% to record $1.12/share.