Freshpet (NASDAQ:FRPT) Trading 7% Higher – Here’s Why

Shares of Freshpet, Inc. (NASDAQ:FRPT) rose 7% on Monday . The company traded as high as $57.08 and last traded at $57.40. 77,835 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 1,530,733 shares. The stock had previously closed at $53.62.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Piper Sandler reaffirmed an “overweight” rating on shares of Freshpet in a research note on Monday, June 15th. Morgan Stanley restated an “overweight” rating and set a $77.00 target price on shares of Freshpet in a report on Thursday, May 7th. Jefferies Financial Group lowered their price target on Freshpet from $75.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, April 22nd. Weiss Ratings downgraded shares of Freshpet from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, June 1st. Finally, Wells Fargo & Company reduced their price objective on shares of Freshpet from $75.00 to $70.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 8th. 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 company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $74.25.

Freshpet Price Performance

The company has a 50 day moving average of $53.16 and a 200 day moving average of $62.99. The company has a current ratio of 6.18, a quick ratio of 5.26 and a debt-to-equity ratio of 0.34. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 15.02 and a beta of 1.60.

Insider Buying and Selling

In other Freshpet news, CEO William B. Cyr sold 42,495 shares of Freshpet stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $51.03, for a total value of $2,168,519.85. Following the transaction, the chief executive officer owned 224,459 shares of the company’s stock, valued at approximately $11,454,142.77. The trade was a 15.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Craig D. Steeneck purchased 2,000 shares of Freshpet stock in a transaction dated Wednesday, May 20th. The stock was bought at an average price of $47.83 per share, with a total value of $95,660.00. Following the acquisition, the director directly owned 37,500 shares of the company’s stock, valued at approximately $1,793,625. This trade represents a 5.63% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have purchased 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 currently owned by corporate insiders.

Institutional Trading of Freshpet

Several hedge funds and other institutional investors have recently modified their holdings of FRPT. Optimize Financial Inc lifted its holdings in shares of Freshpet by 1.4% in the fourth quarter. Optimize Financial Inc now owns 10,957 shares of the company’s stock valued at $668,000 after purchasing an additional 156 shares in the last quarter. Oregon Public Employees Retirement Fund grew its holdings in shares of Freshpet by 1.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 11,164 shares of the company’s stock worth $680,000 after buying an additional 161 shares in the last quarter. Parallel Advisors LLC raised its position in Freshpet by 55.0% in the 3rd quarter. Parallel Advisors LLC now owns 555 shares of the company’s stock valued at $31,000 after buying an additional 197 shares during the last quarter. Smartleaf Asset Management LLC raised its position in Freshpet by 32.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 882 shares of the company’s stock valued at $53,000 after buying an additional 214 shares during the last quarter. Finally, Ossiam lifted its stake in Freshpet by 81.1% in the 2nd quarter. Ossiam now owns 509 shares of the company’s stock valued at $35,000 after acquiring an additional 228 shares in the last quarter.

Freshpet Company Profile

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.