Freshpet (NASDAQ:FRPT) Shares Up 7.1% – Here’s What Happened

Freshpet, Inc. (NASDAQ:FRPT)’s share price rose 7.1% during mid-day trading on Tuesday . The company traded as high as $71.83 and last traded at $72.5610. Approximately 506,557 shares traded hands during trading, a decline of 67% from the average session volume of 1,513,920 shares. The stock had previously closed at $67.77.

Analyst Upgrades and Downgrades

A number of research firms have commented on FRPT. Stifel Nicolaus raised their price target on shares of Freshpet from $66.00 to $78.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Piper Sandler reiterated an “overweight” rating on shares of Freshpet in a report on Tuesday. Jefferies Financial Group cut their price objective on shares of Freshpet from $75.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, April 22nd. Weiss Ratings downgraded Freshpet from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, June 1st. Finally, TD Cowen boosted their target price on Freshpet from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Ten research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Freshpet currently has a consensus rating of “Moderate Buy” and an average price target of $75.31.

Freshpet Trading Up 0.8%

The firm has a market cap of $3.55 billion, a price-to-earnings ratio of 19.03 and a beta of 1.61. The firm’s 50-day moving average is $57.44 and its 200-day moving average is $62.61. The company has a current ratio of 6.05, a quick ratio of 5.03 and a debt-to-equity ratio of 0.34.

Insider Activity at Freshpet

In related news, Director Craig D. Steeneck purchased 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was acquired at an average price of $47.83 per share, for a total transaction of $95,660.00. Following the completion of the acquisition, the director owned 37,500 shares of the company’s stock, valued at $1,793,625. This represents a 5.63% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William B. Cyr sold 42,907 shares of the firm’s 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 approximately $9,803,713.20. This trade represents a 17.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 188,760 shares of company stock worth $9,306,127. 4.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Freshpet

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd boosted its position in Freshpet by 606.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 417 shares of the company’s stock worth $25,000 after purchasing an additional 358 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in Freshpet during the second quarter worth about $25,000. Motiv8 Investments LLC bought a new stake in Freshpet in the fourth quarter worth about $28,000. State of Wyoming bought a new position in shares of Freshpet during the 2nd quarter valued at approximately $34,000. Finally, Signaturefd LLC raised its holdings in shares of Freshpet by 143.0% in the 4th quarter. Signaturefd LLC now owns 503 shares of the company’s stock worth $31,000 after purchasing an additional 296 shares during the period.

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.