Freshpet (NASDAQ:FRPT) was upgraded by Zacks Investment Research from a "sell" rating to a "hold" rating in a research report issued on Wednesday, Zacks.com reports.
According to Zacks, "Freshpet Inc. is a pet food company. The company manufactures and markets natural fresh foods, refrigerated meals, and treats for dogs and cats in the United States and Canada. Freshpet provides meats- based recipes, such as chicken, beef, lamb and salmon; fruits and vegetables, such as carrots, peas and leafy green vegetables, and high-fiber grains, such as brown rice, oats and barley. It sells its products under the Freshpet, Dognation, and Dog Joy brand names. Freshpet Inc. is headquartered in Secaucus, New Jersey. "
A number of other research firms also recently weighed in on FRPT. Truist lifted their target price on Freshpet from $150.00 to $175.00 in a report on Tuesday. Bank of America raised Freshpet from a "neutral" rating to a "buy" rating and set a $160.00 target price for the company in a report on Wednesday, January 6th. Credit Suisse Group lifted their target price on Freshpet from $115.00 to $150.00 and gave the stock a "neutral" rating in a report on Tuesday, March 2nd. Oppenheimer lifted their target price on Freshpet from $175.00 to $200.00 and gave the stock an "outperform" rating in a report on Monday. Finally, Stephens started coverage on Freshpet in a report on Tuesday, January 19th. They set an "overweight" rating and a $180.00 target price for the company. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. The company has an average rating of "Buy" and a consensus target price of $153.71.
Freshpet stock traded down $1.40 during mid-day trading on Wednesday, hitting $174.00. 528,105 shares of the company's stock traded hands, compared to its average volume of 348,000. The firm has a 50 day simple moving average of $165.24 and a two-hundred day simple moving average of $147.12. Freshpet has a fifty-two week low of $68.07 and a fifty-two week high of $186.98. The stock has a market cap of $7.51 billion, a price-to-earnings ratio of 1,581.96, a P/E/G ratio of 5.40 and a beta of 0.85.
Freshpet (NASDAQ:FRPT) last announced its quarterly earnings results on Sunday, May 2nd. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.24). Freshpet had a net margin of 1.60% and a return on equity of 1.49%. The business had revenue of $93.41 million for the quarter, compared to analyst estimates of $94.89 million. During the same period in the prior year, the business earned ($0.10) EPS. The company's revenue for the quarter was up 33.3% compared to the same quarter last year. Equities research analysts forecast that Freshpet will post 0.11 EPS for the current year.
In other news, EVP Stephen Macchiaverna sold 2,466 shares of Freshpet stock in a transaction dated Monday, March 15th. The stock was sold at an average price of $155.23, for a total transaction of $382,797.18. Following the sale, the executive vice president now directly owns 84,343 shares of the company's stock, valued at $13,092,563.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Scott James Morris sold 1,997 shares of Freshpet stock in a transaction dated Monday, April 19th. The shares were sold at an average price of $169.87, for a total value of $339,230.39. Following the sale, the chief operating officer now directly owns 154,327 shares in the company, valued at $26,215,527.49. The disclosure for this sale can be found here. Insiders have sold 8,457 shares of company stock worth $1,437,353 over the last three months. Insiders own 4.50% of the company's stock.
Several institutional investors have recently bought and sold shares of the stock. Bruderman Asset Management LLC lifted its stake in shares of Freshpet by 2.3% in the first quarter. Bruderman Asset Management LLC now owns 2,706 shares of the company's stock worth $430,000 after acquiring an additional 60 shares during the period. Signaturefd LLC lifted its stake in shares of Freshpet by 74.4% in the first quarter. Signaturefd LLC now owns 157 shares of the company's stock worth $25,000 after acquiring an additional 67 shares during the period. Oppenheimer Asset Management Inc. lifted its stake in shares of Freshpet by 1.5% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 4,989 shares of the company's stock worth $708,000 after acquiring an additional 74 shares during the period. TCI Wealth Advisors Inc. lifted its stake in shares of Freshpet by 71.0% in the first quarter. TCI Wealth Advisors Inc. now owns 183 shares of the company's stock worth $29,000 after acquiring an additional 76 shares during the period. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Freshpet by 0.6% in the first quarter. Envestnet Asset Management Inc. now owns 17,263 shares of the company's stock worth $2,742,000 after acquiring an additional 98 shares during the period. 93.96% of the stock is currently owned by institutional investors.
Freshpet Company Profile
Freshpet, Inc manufactures and markets natural fresh meals and treats for dogs and cats in the United States, Canada, and the United Kingdom. The company sells its products under the Freshpet brand; 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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