Bank of America Lowers Freshpet (NASDAQ:FRPT) Price Target to $70.00

Freshpet (NASDAQ:FRPT) had its price objective dropped by investment analysts at Bank of America from $75.00 to $70.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 16.38% from the stock’s current price.

Several other research firms have also recently weighed in on FRPT. Weiss Ratings cut Freshpet from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, June 1st. Benchmark upped their target price on shares of Freshpet from $90.00 to $93.00 and gave the company a “buy” rating in a research note on Monday, March 23rd. JPMorgan Chase & Co. raised shares of Freshpet from a “neutral” rating to an “overweight” rating and increased their price target for the company from $66.00 to $68.00 in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $63.00 price objective on shares of Freshpet in a report on Thursday, May 7th. Finally, TD Cowen raised shares of Freshpet from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Wednesday, April 8th. Eleven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $74.56.

Freshpet Stock Performance

FRPT traded up $1.03 during midday trading on Wednesday, reaching $60.15. The company’s stock had a trading volume of 66,298 shares, compared to its average volume of 1,527,336. The stock has a market cap of $2.96 billion, a P/E ratio of 16.03 and a beta of 1.63. The company has a fifty day simple moving average of $54.91 and a 200 day simple moving average of $63.49. The company has a current ratio of 6.18, a quick ratio of 5.26 and a debt-to-equity ratio of 0.34. Freshpet has a twelve month low of $46.45 and a twelve month high of $86.00.

Insider Activity

In related news, CEO William B. Cyr sold 42,907 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 204,585 shares of the company’s stock, valued at $9,803,713.20. This represents a 17.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders have acquired 4,211 shares of company stock valued at $215,027 and have sold 235,262 shares valued at $11,664,591. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Freshpet

Several hedge funds and other institutional investors have recently modified their holdings of FRPT. Wasatch Advisors LP grew its position in Freshpet by 41.0% in the second quarter. Wasatch Advisors LP now owns 3,839,332 shares of the company’s stock valued at $260,921,000 after acquiring an additional 1,116,217 shares during the period. Balyasny Asset Management L.P. boosted its stake in shares of Freshpet by 1,031.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 931,905 shares of the company’s stock valued at $56,781,000 after purchasing an additional 1,031,905 shares in the last quarter. Capital World Investors boosted its stake in shares of Freshpet by 151.8% in the 3rd quarter. Capital World Investors now owns 1,482,778 shares of the company’s stock valued at $81,716,000 after purchasing an additional 893,949 shares in the last quarter. Armistice Capital LLC grew its holdings in shares of Freshpet by 118.4% in the 3rd quarter. Armistice Capital LLC now owns 1,234,802 shares of the company’s stock worth $68,050,000 after purchasing an additional 669,399 shares during the last quarter. Finally, Alyeska Investment Group L.P. increased its position in shares of Freshpet by 122.1% during the 4th quarter. Alyeska Investment Group L.P. now owns 1,197,317 shares of the company’s stock worth $72,953,000 after purchasing an additional 658,114 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.