JPMorgan Chase & Co. Issues Positive Forecast for Freshpet (NASDAQ:FRPT) Stock Price

Key Points

• JPMorgan raised Freshpet’s price target from $68 to $72 and maintained an “overweight” rating, implying 17.95% upside from the prior close.
• Analyst sentiment is broadly positive: Freshpet has a “Moderate Buy” consensus rating and an average price target of $74.50, despite some downgrades to neutral or hold.
• Freshpet shares opened at $61.04 and were trading up 2.6%; the company has a $3.00 billion market capitalization, while insiders reported substantially more selling than buying in the latest quarter.

Freshpet (NASDAQ:FRPT - Get Free Report) had its price target hoisted by JPMorgan Chase & Co. from $68.00 to $72.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 17.95% from the stock's previous close.

Several other research analysts have also commented on FRPT. Weiss Ratings lowered shares of Freshpet from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, June 1st. Bank of America decreased their price objective on shares of Freshpet from $75.00 to $70.00 and set a "neutral" rating for the company in a report on Wednesday, July 1st. Morgan Stanley reissued an "overweight" rating and set a $77.00 target price on shares of Freshpet in a research report on Thursday, May 7th. TD Cowen upgraded Freshpet from a "hold" rating to a "buy" rating and set a $80.00 target price on the stock in a report on Wednesday, April 8th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Freshpet in a research report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $74.50.

Freshpet Trading Up 2.6%

NASDAQ:FRPT opened at $61.04 on Tuesday. The stock's 50 day moving average price is $53.94 and its 200 day moving average price is $62.60. Freshpet has a 52 week low of $46.45 and a 52 week high of $86.00. The company has a market capitalization of $3.00 billion, a P/E ratio of 16.52 and a beta of 1.60. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.26 and a current ratio of 6.18.

Insider Buying and Selling

In related news, CEO William B. Cyr sold 42,907 shares of Freshpet stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $47.92, for a total value of $2,056,103.44. Following the transaction, the chief executive officer owned 204,585 shares in the company, valued at $9,803,713.20. This trade represents a 17.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders have acquired 4,211 shares of company stock valued at $215,027 and have sold 235,262 shares valued at $11,664,591. 4.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Freshpet

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd boosted its stake in Freshpet by 606.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 417 shares of the company's stock valued at $25,000 after purchasing an additional 358 shares during the period. Motiv8 Investments LLC bought a new stake in shares of Freshpet in the fourth quarter valued at approximately $28,000. Signaturefd LLC grew its stake in shares of Freshpet by 143.0% in the fourth quarter. Signaturefd LLC now owns 503 shares of the company's stock worth $31,000 after acquiring an additional 296 shares during the last quarter. Parallel Advisors LLC raised its stake in Freshpet by 55.0% during the 3rd quarter. Parallel Advisors LLC now owns 555 shares of the company's stock valued at $31,000 after purchasing an additional 197 shares during the last quarter. Finally, TD Waterhouse Canada Inc. bought a new stake in Freshpet in the 4th quarter valued at $32,000.

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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