Freshpet, Inc. $FRPT Shares Bought by Deepwater Asset Management LLC

Key Points

• Deepwater Asset Management LLC increased its stake in Freshpet, acquiring 31,239 additional shares, bringing its total holdings to 129,673 shares and making Freshpet the 18th biggest position in its portfolio.
• Freshpet recently reported earnings of $0.33 per share, significantly surpassing analysts' expectations of $0.12, and noted a 12.5% year-over-year revenue growth to $264.69 million.
• Analysts have adjusted their price targets for Freshpet, with Wells Fargo reducing it from $100 to $88 while maintaining an "overweight" rating, reflecting varying sentiment among equity research firms.

Deepwater Asset Management LLC boosted its holdings in Freshpet, Inc. (NASDAQ:FRPT - Free Report) by 31.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 129,673 shares of the company's stock after purchasing an additional 31,239 shares during the period. Freshpet comprises 4.6% of Deepwater Asset Management LLC's portfolio, making the stock its 18th largest position. Deepwater Asset Management LLC owned 0.27% of Freshpet worth $10,785,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in FRPT. Elequin Capital LP purchased a new position in Freshpet during the 4th quarter valued at about $29,000. Larson Financial Group LLC raised its holdings in shares of Freshpet by 1,585.0% in the first quarter. Larson Financial Group LLC now owns 674 shares of the company's stock valued at $56,000 after purchasing an additional 634 shares during the last quarter. Morse Asset Management Inc acquired a new position in shares of Freshpet during the 4th quarter worth approximately $70,000. GeoWealth Management LLC acquired a new position in Freshpet in the 4th quarter valued at $122,000. Finally, Hardy Reed LLC raised its stake in Freshpet by 10.4% during the first quarter. Hardy Reed LLC now owns 2,414 shares of the company's stock worth $201,000 after acquiring an additional 228 shares in the last quarter.

Analysts Set New Price Targets

FRPT has been the subject of several recent analyst reports. DA Davidson set a $101.00 price objective on shares of Freshpet in a research report on Thursday, August 7th. Wells Fargo & Company reduced their price objective on Freshpet from $100.00 to $88.00 and set an "overweight" rating for the company in a research note on Wednesday, July 9th. Stifel Nicolaus set a $90.00 target price on shares of Freshpet and gave the stock a "buy" rating in a report on Thursday, June 12th. Truist Financial cut their price objective on shares of Freshpet from $80.00 to $70.00 and set a "hold" rating on the stock in a report on Tuesday, August 5th. Finally, Wall Street Zen raised Freshpet from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Freshpet currently has an average rating of "Moderate Buy" and a consensus price target of $110.36.

Freshpet Price Performance

NASDAQ:FRPT traded up $0.28 during trading hours on Tuesday, hitting $62.30. 767,008 shares of the stock traded hands, compared to its average volume of 1,339,896. The company has a quick ratio of 3.75, a current ratio of 4.81 and a debt-to-equity ratio of 0.40. The stock has a 50 day moving average price of $69.63 and a 200 day moving average price of $84.12. Freshpet, Inc. has a 1 year low of $60.50 and a 1 year high of $164.07. The company has a market cap of $3.04 billion, a price-to-earnings ratio of 92.99, a price-to-earnings-growth ratio of 1.08 and a beta of 1.77.

Freshpet (NASDAQ:FRPT - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.21. The business had revenue of $264.69 million for the quarter, compared to analysts' expectations of $269.75 million. Freshpet had a return on equity of 4.82% and a net margin of 3.23%.The company's revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.03) EPS. Freshpet has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Freshpet, Inc. will post 1.55 EPS for the current fiscal year.

About Freshpet

Freshpet, Inc, together with its subsidiaries, manufactures, distributes, and markets natural fresh meals and treats for dogs and cats in the United States, Canada, and Europe. It sells dog food, cat food, and dog treats under the Freshpet brand name; and Dognation and Dog Joy labels through various classes of retail, including grocery, mass, club, pet specialty, and natural, as well as online.