Freshpet Inc. (NASDAQ:FRPT) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday.
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. “
Several other research firms have also issued reports on FRPT. Stephens raised shares of Freshpet from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 5th. Wedbush lowered shares of Freshpet from an “outperform” rating to a “neutral” rating and raised their price objective for the stock from $10.00 to $11.00 in a report on Monday, August 15th. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and set a $10.00 price objective (up previously from $9.00) on shares of Freshpet in a report on Friday, July 15th. TheStreet lowered shares of Freshpet from a “hold” rating to a “sell” rating in a report on Thursday, August 18th. Finally, Robert W. Baird reaffirmed an “outperform” rating and set a $10.00 price objective on shares of Freshpet in a report on Monday, August 8th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $10.25.
Shares of Freshpet (NASDAQ:FRPT) opened at 8.70 on Wednesday. The firm’s market cap is $276.66 million. Freshpet has a 12 month low of $5.60 and a 12 month high of $11.81. The stock’s 50 day moving average price is $9.79 and its 200-day moving average price is $9.12.
Freshpet (NASDAQ:FRPT) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by $0.07. Freshpet had a negative return on equity of 3.80% and a negative net margin of 3.12%. The business earned $33 million during the quarter, compared to analyst estimates of $32.92 million. During the same period last year, the company earned ($0.07) EPS. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. Equities research analysts anticipate that Freshpet will post ($0.12) earnings per share for the current fiscal year.
In other Freshpet news, CEO William B. Cyr acquired 50,382 shares of Freshpet stock in a transaction on Thursday, September 15th. The shares were purchased at an average cost of $9.89 per share, with a total value of $498,277.98. Following the completion of the purchase, the chief executive officer now owns 27,919 shares in the company, valued at $276,118.91. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Cathal Walsh sold 37,639 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $10.69, for a total transaction of $402,360.91. Following the completion of the transaction, the vice president now directly owns 130,898 shares in the company, valued at $1,399,299.62. The disclosure for this sale can be found here. 8.20% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. American International Group Inc. boosted its position in shares of Freshpet by 5.7% in the second quarter. American International Group Inc. now owns 12,860 shares of the company’s stock worth $120,000 after buying an additional 690 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Freshpet by 4.3% in the second quarter. Rhumbline Advisers now owns 20,700 shares of the company’s stock worth $193,000 after buying an additional 860 shares during the last quarter. Nationwide Fund Advisors boosted its position in shares of Freshpet by 7.5% in the second quarter. Nationwide Fund Advisors now owns 14,298 shares of the company’s stock worth $133,000 after buying an additional 992 shares during the last quarter. Broadview Advisors LLC boosted its position in shares of Freshpet by 0.3% in the second quarter. Broadview Advisors LLC now owns 479,178 shares of the company’s stock worth $4,471,000 after buying an additional 1,650 shares during the last quarter. Finally, California State Teachers Retirement System boosted its position in shares of Freshpet by 6.5% in the second quarter. California State Teachers Retirement System now owns 46,845 shares of the company’s stock worth $437,000 after buying an additional 2,876 shares during the last quarter. 66.93% of the stock is currently owned by hedge funds and other institutional investors.
Freshpet Company Profile
Freshpet, Inc is a manufacturer of fresh, refrigerated pet food distributed across North America. The Company operates in the segment of manufacturing, marketing and distribution of pet food and pet treats for dogs and cats. The Company offers products consisting of dog food, cat food, and dog and cat treats.
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