Freshpet (NASDAQ:FRPT) Reaches New 52-Week High on Analyst Upgrade


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Freshpet, Inc. (NASDAQ:FRPT)’s share price hit a new 52-week high on Monday after Truist raised their price target on the stock from $150.00 to $175.00. The company traded as high as $186.98 and last traded at $184.00, with a volume of 415973 shares. The stock had previously closed at $184.82.

A number of other research firms also recently commented on FRPT. Robert W. Baird upped their price objective on Freshpet from $180.00 to $210.00 and gave the stock an “outperform” rating in a report on Tuesday. Citigroup upped their price objective on Freshpet from $100.00 to $123.00 and gave the stock a “sell” rating in a report on Wednesday, March 3rd. Oppenheimer upped their price objective on Freshpet from $175.00 to $200.00 and gave the stock an “outperform” rating in a report on Monday. Credit Suisse Group increased their price target on Freshpet from $115.00 to $150.00 and gave the company a “neutral” rating in a report on Tuesday, March 2nd. Finally, Truist Securities increased their price target on Freshpet from $150.00 to $175.00 and gave the company a “hold” rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $153.71.

In other news, COO Scott James Morris sold 1,997 shares of the stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $173.98, for a total transaction of $347,438.06. Following the transaction, the chief operating officer now owns 153,927 shares of the company’s stock, valued at $26,780,219.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Stephen Macchiaverna sold 2,466 shares of the stock in a transaction dated Monday, March 15th. The stock was sold at an average price of $155.23, for a total transaction of $382,797.18. Following the transaction, the executive vice president now directly owns 84,343 shares in the company, valued at approximately $13,092,563.89. The disclosure for this sale can be found here. Insiders have sold 6,460 shares of company stock valued at $1,069,466 over the last 90 days. Insiders own 4.50% of the company’s stock.

Several hedge funds have recently modified their holdings of FRPT. Schonfeld Strategic Advisors LLC lifted its position in shares of Freshpet by 8.7% during the third quarter. Schonfeld Strategic Advisors LLC now owns 78,464 shares of the company’s stock worth $8,761,000 after purchasing an additional 6,274 shares during the last quarter. Sowell Financial Services LLC lifted its holdings in Freshpet by 16.4% in the fourth quarter. Sowell Financial Services LLC now owns 1,200 shares of the company’s stock worth $170,000 after acquiring an additional 169 shares during the last quarter. Sheets Smith Wealth Management bought a new position in Freshpet in the fourth quarter worth about $368,000. McCollum Christoferson Group LLC bought a new position in Freshpet in the fourth quarter worth about $213,000. Finally, Candriam Luxembourg S.C.A. bought a new position in Freshpet in the fourth quarter worth about $1,782,000. 93.96% of the stock is currently owned by institutional investors and hedge funds.

The stock has a fifty day moving average price of $164.85 and a two-hundred day moving average price of $146.87. The company has a market cap of $7.57 billion, a P/E ratio of 1,594.69, a PEG ratio of 5.40 and a beta of 0.85.

Freshpet (NASDAQ:FRPT) last released its quarterly earnings results on Monday, May 3rd. The company reported ($0.26) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.02) by ($0.24). The business had revenue of $93.41 million for the quarter, compared to the consensus estimate of $94.89 million. Freshpet had a net margin of 1.60% and a return on equity of 1.49%. The business’s quarterly revenue was up 33.3% on a year-over-year basis. During the same period last year, the firm posted ($0.10) EPS. Equities research analysts expect that Freshpet, Inc. will post 0.11 earnings per share for the current year.

About Freshpet (NASDAQ:FRPT)

Freshpet, Inc manufactures and markets natural fresh meals and treats for dogs and cats in the United States, Canada, and the United Kingdom. The company sells its products under the Freshpet brand; and Dognation and Dog Joy labels through various classes of retail, including grocery, mass, club, pet specialty, and natural, as well as online.

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