Freshpet Inc. (FRPT) Shares Down 2.6% on Insider Selling
Freshpet Inc. (NASDAQ:FRPT)’s share price fell 2.6% during trading on Monday following insider selling activity. The company traded as low as $9.37 and last traded at $9.40, with a volume of 74,168 shares traded. The stock had previously closed at $9.65.
Specifically, CEO William B. Cyr bought 50,382 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The shares were acquired at an average cost of $9.89 per share, with a total value of $498,277.98. Following the acquisition, the chief executive officer now owns 27,919 shares of the company’s stock, valued at $276,118.91. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mary Kathryn Winstanley sold 7,920 shares of the business’s stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $10.01, for a total value of $79,279.20. Following the transaction, the vice president now directly owns 24,404 shares in the company, valued at $244,284.04. The disclosure for this sale can be found here. Company insiders own 8.20% of the company’s stock.
FRPT has been the topic of a number of recent analyst reports. Robert W. Baird reissued an “outperform” rating and set a $10.00 target price on shares of Freshpet in a report on Monday, August 8th. Zacks Investment Research lowered Freshpet from a “buy” rating to a “hold” rating in a report on Tuesday, July 5th. TheStreet lowered Freshpet from a “hold” rating to a “sell” rating in a report on Thursday, August 18th. Wedbush lowered Freshpet from an “outperform” rating to a “neutral” rating and boosted their target price for the stock from $10.00 to $11.00 in a report on Monday, August 15th. Finally, Goldman Sachs Group Inc. reissued a “neutral” rating and set a $10.00 target price (up from $9.00) on shares of Freshpet in a report on Friday, July 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $10.56.
The firm’s 50 day moving average price is $10.02 and its 200-day moving average price is $8.91. The company’s market capitalization is $294.15 million.
Freshpet (NASDAQ:FRPT) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate 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 business earned $33 million during the quarter, compared to analyst estimates of $32.92 million. During the same period in the previous year, the company posted ($0.07) earnings per share. Freshpet’s revenue was up 16.4% compared to the same quarter last year. Analysts anticipate that Freshpet Inc. will post ($0.12) earnings per share for the current year.
Large investors have recently modified their holdings of the stock. Schwab Charles Investment Management Inc. increased its stake in shares of Freshpet by 77.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 59,462 shares of the company’s stock worth $555,000 after buying an additional 25,998 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in Freshpet during the second quarter worth approximately $3,912,000. Parametric Portfolio Associates LLC raised its stake in Freshpet by 4.9% in the second quarter. Parametric Portfolio Associates LLC now owns 346,457 shares of the company’s stock worth $3,232,000 after buying an additional 16,293 shares in the last quarter. UBS Oconnor LLC raised its stake in Freshpet by 42.1% in the second quarter. UBS Oconnor LLC now owns 451,165 shares of the company’s stock worth $4,209,000 after buying an additional 133,693 shares in the last quarter. Finally, State Street Corp raised its stake in Freshpet by 5.7% in the second quarter. State Street Corp now owns 292,591 shares of the company’s stock worth $2,732,000 after buying an additional 15,771 shares in the last quarter. 66.93% of the stock is owned by institutional investors.
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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