Insider Selling: Freshpet (NASDAQ:FRPT) CEO Sells 40,957 Shares of Stock

Key Points

• Freshpet CEO William Cyr sold 40,957 shares at an average price of $73.87, generating approximately $3.03 million. His remaining direct ownership fell 11.67% to 309,905 shares.
• Freshpet reported a strong latest quarter, with revenue rising 15.4% year over year to $305.59 million and earnings of $0.39 per share, exceeding analysts’ $0.22 estimate.
• FRPT shares traded around $75.40, while analysts maintained a generally positive outlook: 10 rate the stock Buy, seven Hold, and one Sell, for a “Moderate Buy” consensus and an average price target of $75.31.

Freshpet, Inc. (NASDAQ:FRPT - Get Free Report) CEO William Cyr sold 40,957 shares of Freshpet stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $73.87, for a total value of $3,025,493.59. Following the sale, the chief executive officer directly owned 309,905 shares of the company's stock, valued at approximately $22,892,682.35. This represents a 11.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Freshpet Stock Performance

Shares of FRPT stock traded down $1.15 during mid-day trading on Tuesday, reaching $75.40. The stock had a trading volume of 987,101 shares, compared to its average volume of 1,496,928. The business's fifty day moving average is $61.02 and its 200-day moving average is $62.77. The company has a current ratio of 6.05, a quick ratio of 5.03 and a debt-to-equity ratio of 0.34. The firm has a market cap of $3.71 billion, a price-to-earnings ratio of 19.84 and a beta of 1.61. Freshpet, Inc. has a 1-year low of $46.45 and a 1-year high of $86.00.

Freshpet (NASDAQ:FRPT - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.39 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.17. Freshpet had a return on equity of 5.97% and a net margin of 17.28%.The firm had revenue of $305.59 million for the quarter, compared to analyst estimates of $292.35 million. During the same quarter in the prior year, the firm earned $0.33 earnings per share. Freshpet's revenue for the quarter was up 15.4% on a year-over-year basis. On average, research analysts forecast that Freshpet, Inc. will post 1.73 earnings per share for the current year.

Institutional Trading of Freshpet

Institutional investors and hedge funds have recently made changes to their positions in the business. Royal Bank of Canada lifted its position in shares of Freshpet by 86.3% during the 1st quarter. Royal Bank of Canada now owns 67,623 shares of the company's stock valued at $5,624,000 after buying an additional 31,334 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in Freshpet by 734.1% in the 1st quarter. Jones Financial Companies Lllp now owns 1,810 shares of the company's stock worth $151,000 after acquiring an additional 1,593 shares in the last quarter. United Services Automobile Association acquired a new position in Freshpet during the first quarter worth $247,000. EverSource Wealth Advisors LLC raised its position in shares of Freshpet by 1,388.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 506 shares of the company's stock worth $34,000 after purchasing an additional 472 shares during the last quarter. Finally, Cresset Asset Management LLC boosted its holdings in Freshpet by 140.3% in the 2nd quarter. Cresset Asset Management LLC now owns 6,296 shares of the company's stock worth $428,000 after buying an additional 3,676 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. TD Cowen boosted their target price on shares of Freshpet from $80.00 to $85.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $70.00 price objective on shares of Freshpet in a report on Thursday, August 6th. DA Davidson dropped their target price on Freshpet from $101.00 to $95.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Piper Sandler reiterated an "overweight" rating on shares of Freshpet in a research report on Tuesday, August 11th. Finally, Bank of America decreased their price target on Freshpet from $75.00 to $70.00 and set a "neutral" rating for the company in a report on Wednesday, July 1st. Ten investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $75.31.

About Freshpet

Freshpet Inc NASDAQ: FRPT is a leading pet food company specializing in fresh, refrigerated meals and treats for dogs and cats. The company's products are formulated with carefully selected, natural ingredients and are designed to offer a higher level of nutrition and freshness than traditional dry or canned pet foods. Freshpet's offerings include refrigerated rolls, pâtés and snacks, all of which are sold through the refrigerated section of grocery, mass-market and pet specialty stores.

Freshpet's product portfolio is built around the concept of fresh, minimally processed recipes that do not require preservatives or artificial colors.

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