Freshpet's (FRPT) Neutral Rating Reaffirmed at Bank of America

Key Points

• Bank of America has reaffirmed its neutral rating for Freshpet (NASDAQ:FRPT) and adjusted the price target down to $60.00, highlighting a potential upside of 13.49% from its current price.
• Freshpet reported earnings of $0.33 per share for Q2 2023, surpassing the consensus estimate of $0.12, with revenue showing a 12.5% year-over-year increase.
• Insider trading activity includes significant purchases by directors Timothy R. Mclevish and Jacki Sue Kelley, reflecting confidence in the company's stock performance.

Freshpet (NASDAQ:FRPT - Get Free Report)'s stock had its "neutral" rating reaffirmed by research analysts at Bank of America in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $60.00 price target on the stock, down from their prior price target of $81.00. Bank of America's price objective would suggest a potential upside of 13.49% from the company's current price.

A number of other equities research analysts also recently weighed in on FRPT. JPMorgan Chase & Co. assumed coverage on shares of Freshpet in a research report on Wednesday, August 20th. They issued a "neutral" rating and a $70.00 price target for the company. DA Davidson set a $101.00 price target on shares of Freshpet in a research report on Thursday, August 7th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Freshpet in a research report on Saturday, September 27th. Benchmark reiterated a "buy" rating and issued a $95.00 price target (down from $120.00) on shares of Freshpet in a research report on Tuesday, August 5th. Finally, Zacks Research upgraded shares of Freshpet from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $103.33.

Freshpet Trading Down 0.7%

Shares of NASDAQ:FRPT opened at $52.87 on Wednesday. Freshpet has a 52-week low of $48.41 and a 52-week high of $164.07. The company has a market capitalization of $2.58 billion, a P/E ratio of 78.91, a price-to-earnings-growth ratio of 0.96 and a beta of 1.74. The company has a 50-day simple moving average of $57.45 and a 200 day simple moving average of $70.19. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.75 and a current ratio of 4.81.

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

Insider Activity

In other Freshpet news, Director Timothy R. Mclevish bought 3,500 shares of the firm's stock in a transaction dated Wednesday, September 10th. The stock was bought at an average cost of $56.00 per share, with a total value of $196,000.00. Following the completion of the transaction, the director directly owned 35,290 shares in the company, valued at approximately $1,976,240. The trade was a 11.01% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Jacki Sue Kelley acquired 814 shares of Freshpet stock in a transaction on Tuesday, September 9th. The stock was purchased at an average cost of $56.50 per share, with a total value of $45,991.00. Following the completion of the transaction, the director directly owned 11,907 shares in the company, valued at $672,745.50. This represents a 7.34% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 6,008 shares of company stock worth $332,305. Company insiders own 4.43% of the company's stock.

Institutional Trading of Freshpet

A number of institutional investors have recently modified their holdings of FRPT. State Board of Administration of Florida Retirement System grew its position in Freshpet by 0.4% during the second quarter. State Board of Administration of Florida Retirement System now owns 42,582 shares of the company's stock worth $2,894,000 after buying an additional 160 shares in the last quarter. Maryland State Retirement & Pension System increased its holdings in Freshpet by 1.2% in the second quarter. Maryland State Retirement & Pension System now owns 16,510 shares of the company's stock valued at $1,122,000 after purchasing an additional 189 shares during the period. Hardy Reed LLC increased its holdings in Freshpet by 10.4% in the first quarter. Hardy Reed LLC now owns 2,414 shares of the company's stock valued at $201,000 after purchasing an additional 228 shares during the period. Ossiam grew its holdings in Freshpet by 81.1% during the 2nd quarter. Ossiam now owns 509 shares of the company's stock worth $35,000 after acquiring an additional 228 shares during the period. Finally, Xponance Inc. grew its holdings in Freshpet by 7.1% during the 1st quarter. Xponance Inc. now owns 3,611 shares of the company's stock worth $300,000 after acquiring an additional 238 shares during the period.

Freshpet Company Profile

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.

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