Freshpet (NASDAQ:FRPT) Now Covered by Needham & Company LLC

Research analysts at Needham & Company LLC began coverage on shares of Freshpet (NASDAQ:FRPT) in a research note issued on Thursday, Benzinga reports. The firm set a “hold” rating on the stock.

A number of other research analysts have also issued reports on FRPT. Bank of America dropped their target price on Freshpet from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Wednesday, July 1st. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $70.00 price target on shares of Freshpet in a research note on Thursday, August 6th. Weiss Ratings upgraded shares of Freshpet from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday. Piper Sandler reiterated an “overweight” rating on shares of Freshpet in a research note on Tuesday, August 11th. Finally, Wells Fargo & Company reduced their target price on Freshpet from $75.00 to $70.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $75.31.

Freshpet Trading Up 0.7%

NASDAQ FRPT opened at $57.56 on Thursday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.03 and a current ratio of 6.05. The firm has a market cap of $2.83 billion, a PE ratio of 15.15 and a beta of 1.66. Freshpet has a one year low of $46.45 and a one year high of $86.00. The firm’s fifty day moving average is $66.11 and its two-hundred day moving average is $60.64.

Freshpet (NASDAQ:FRPT) last announced its earnings results on Wednesday, August 5th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.17. Freshpet had a net margin of 17.28% and a return on equity of 5.97%. The business had revenue of $305.59 million during the quarter, compared to the consensus estimate of $292.35 million. During the same quarter in the prior year, the firm earned $0.33 earnings per share. The business’s quarterly revenue was up 15.4% compared to the same quarter last year. Analysts expect that Freshpet will post 1.26 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Walter George purchased 1,000 shares of the firm’s stock in a transaction on Monday, September 14th. The shares were bought at an average price of $64.92 per share, for a total transaction of $64,920.00. Following the acquisition, the director directly owned 51,746 shares in the company, valued at $3,359,350.32. This trade represents a 1.97% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO William Cyr sold 41,022 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $72.86, for a total transaction of $2,988,862.92. Following the sale, the chief executive officer directly owned 267,152 shares of the company’s stock, valued at $19,464,694.72. This represents a 13.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 171,636 shares of company stock worth $12,754,864. 4.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Freshpet

A number of institutional investors have recently added to or reduced their stakes in FRPT. Caitong International Asset Management Co. Ltd raised its holdings in shares of Freshpet by 606.8% in the 4th 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 period. Global Retirement Partners LLC purchased a new stake in shares of Freshpet during the 2nd quarter worth about $25,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Freshpet during the 2nd quarter worth about $34,000. State of Wyoming purchased a new stake in shares of Freshpet during the 2nd quarter worth about $61,000. Finally, EverSource Wealth Advisors LLC increased its position in Freshpet by 75.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,068 shares of the company’s stock worth $65,000 after purchasing an additional 460 shares in the last quarter.

Freshpet Company Profile

Freshpet, Inc (NASDAQ: FRPT) is a pet food company that develops, manufactures and markets refrigerated, fresh food and treats for dogs and cats. Its products are made with ingredients such as meat, poultry, fish, vegetables and other components, and are kept refrigerated throughout distribution and retail.

The company sells fresh meals, rolls, treats and other pet nutrition products under the Freshpet brand and related product lines. Its offerings are marketed through grocery stores, mass merchants, club stores, pet specialty retailers, e-commerce platforms and other retail channels.

Freshpet was founded in 2006 and is based in Secaucus, New Jersey.