Freshpet (NASDAQ:FRPT) Stock Price Down 9.1% Following Analyst Downgrade

Freshpet, Inc. (NASDAQ:FRPT) fell 9.1% during mid-day trading on Wednesday after Bank of America lowered their price target on the stock from $75.00 to $70.00. Bank of America currently has a neutral rating on the stock. Freshpet traded as low as $52.22 and last traded at $53.7440. Approximately 702,006 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 1,529,237 shares. The stock had previously closed at $59.12.

Several other research firms have also recently weighed in on FRPT. Jefferies Financial Group reduced their target price on shares of Freshpet from $75.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, April 22nd. DA Davidson boosted their price target on Freshpet from $98.00 to $101.00 and gave the company a “buy” rating in a research note on Monday, April 13th. Piper Sandler reaffirmed an “overweight” rating on shares of Freshpet in a report on Monday, June 15th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $63.00 price objective on shares of Freshpet in a research report on Thursday, May 7th. Finally, Stifel Nicolaus set a $66.00 price objective on Freshpet in a report on Thursday, May 7th. Eleven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.56.

Insider Transactions at Freshpet

In related news, CEO William B. Cyr sold 42,495 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 224,459 shares of the company’s stock, valued at $11,454,142.77. This represents a 15.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Craig D. Steeneck purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The shares were purchased at an average cost of $47.83 per share, with a total value of $95,660.00. Following the completion of the acquisition, the director directly owned 37,500 shares in the company, valued at $1,793,625. The trade was a 5.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders purchased 4,211 shares of company stock worth $215,027 and sold 235,262 shares worth $11,664,591. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Freshpet

A number of large investors have recently bought and sold shares of the business. Optimize Financial Inc increased its holdings in Freshpet by 1.4% during the 4th 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 boosted its stake in Freshpet by 1.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 11,164 shares of the company’s stock worth $680,000 after purchasing an additional 161 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Freshpet by 55.0% during the third quarter. Parallel Advisors LLC now owns 555 shares of the company’s stock worth $31,000 after purchasing an additional 197 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Freshpet by 32.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 882 shares of the company’s stock worth $53,000 after purchasing an additional 214 shares during the last quarter. Finally, Ossiam increased its stake in shares of Freshpet by 81.1% in the second quarter. Ossiam now owns 509 shares of the company’s stock valued at $35,000 after buying an additional 228 shares in the last quarter.

Freshpet Stock Performance

The stock has a 50 day moving average price of $54.91 and a two-hundred day moving average price of $63.49. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.18 and a quick ratio of 5.26. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 14.47 and a beta of 1.63.

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.