Investment analysts at DA Davidson began coverage on shares of Freshpet Inc. (NASDAQ:FRPT) in a note issued to investors on Wednesday. The firm set a “neutral” rating and a $10.00 price target on the stock. DA Davidson’s price target suggests a potential upside of 16.82% from the company’s current price.
Other equities analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Freshpet from a “strong sell” rating to a “hold” rating in a research report on Monday, August 8th. Wedbush reiterated an “outperform” rating and issued a $10.00 price objective on shares of Freshpet in a research report on Friday, August 5th. Stephens upgraded shares of Freshpet from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 5th. Goldman Sachs Group Inc. reiterated a “neutral” rating and issued a $10.00 price objective (up from $9.00) on shares of Freshpet in a research report on Friday, July 15th. Finally, TheStreet upgraded shares of Freshpet from a “sell” rating to a “hold” rating in a research report on Monday, June 20th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $10.22.
Shares of Freshpet (NASDAQ:FRPT) traded up 1.75% during midday trading on Wednesday, hitting $8.71. 23,945 shares of the stock were exchanged. Freshpet has a 12-month low of $5.60 and a 12-month high of $11.81. The firm’s market cap is $276.98 million. The firm has a 50-day moving average price of $9.69 and a 200 day moving average price of $9.12.
Freshpet (NASDAQ:FRPT) last posted its quarterly earnings data on Thursday, August 4th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by $0.07. Freshpet had a negative net margin of 3.12% and a negative return on equity of 3.80%. The firm earned $33 million during the quarter, compared to analysts’ expectations of $32.92 million. During the same quarter last year, the business earned ($0.07) earnings per share. The business’s quarterly revenue was up 16.4% on a year-over-year basis. Analysts predict that Freshpet will post ($0.11) earnings per share for the current fiscal year.
In other news, VP Cathal Walsh sold 37,639 shares of Freshpet stock in a transaction on Tuesday, August 9th. The stock was 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 owns 130,898 shares of the company’s stock, valued at approximately $1,399,299.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William B. Cyr purchased 50,382 shares of the business’s stock in a transaction dated 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 purchase, the chief executive officer now directly owns 27,919 shares in the company, valued at $276,118.91. The disclosure for this purchase can be found here. Insiders own 8.20% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. increased its position in Freshpet by 77.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 59,462 shares of the company’s stock valued at $555,000 after buying an additional 25,998 shares during the period. Adage Capital Partners GP L.L.C. purchased a new position in Freshpet during the second quarter valued at about $3,912,000. Parametric Portfolio Associates LLC increased its position in Freshpet by 4.9% in the second quarter. Parametric Portfolio Associates LLC now owns 346,457 shares of the company’s stock valued at $3,232,000 after buying an additional 16,293 shares during the period. UBS Oconnor LLC increased its position in Freshpet by 42.1% in the second quarter. UBS Oconnor LLC now owns 451,165 shares of the company’s stock valued at $4,209,000 after buying an additional 133,693 shares during the period. Finally, State Street Corp increased its position in Freshpet by 5.7% in the second quarter. State Street Corp now owns 292,591 shares of the company’s stock valued at $2,732,000 after buying an additional 15,771 shares during the period. 66.93% of the stock is owned by institutional investors and hedge funds.
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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