Freshpet (NASDAQ:FRPT) Shares Gap Down Following Weak Earnings


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Freshpet, Inc. (NASDAQ:FRPT)’s share price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $184.00, but opened at $171.42. Freshpet shares last traded at $174.17, with a volume of 2,923 shares trading hands.

The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.24). The firm had revenue of $93.41 million for the quarter, compared to analyst estimates of $94.89 million. Freshpet had a return on equity of 1.49% and a net margin of 1.60%. The company’s revenue for the quarter was up 33.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.10) earnings per share.

Several research firms recently issued reports on FRPT. Truist upped their price target on shares of Freshpet from $150.00 to $175.00 in a report on Tuesday. DA Davidson upped their price target on shares of Freshpet from $194.00 to $217.00 and gave the company a “buy” rating in a report on Thursday, March 11th. Zacks Investment Research cut shares of Freshpet from a “hold” rating to a “sell” rating in a report on Tuesday, February 23rd. Robert W. Baird upped their price target on shares of Freshpet from $180.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Oppenheimer boosted their target price on shares of Freshpet from $175.00 to $200.00 and gave the company an “outperform” rating in a research note on Monday. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $153.71.

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

A number of institutional investors and hedge funds have recently made changes to their positions in FRPT. Schonfeld Strategic Advisors LLC grew its position in Freshpet by 8.7% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 78,464 shares of the company’s stock valued at $8,761,000 after buying an additional 6,274 shares in the last quarter. Sowell Financial Services LLC grew its position in Freshpet by 16.4% in the 4th quarter. Sowell Financial Services LLC now owns 1,200 shares of the company’s stock valued at $170,000 after buying an additional 169 shares in the last quarter. Sheets Smith Wealth Management bought a new position in Freshpet in the 4th quarter valued at about $368,000. McCollum Christoferson Group LLC bought a new position in Freshpet in the 4th quarter valued at about $213,000. Finally, Candriam Luxembourg S.C.A. bought a new position in Freshpet in the 4th quarter valued at about $1,782,000. Hedge funds and other institutional investors own 93.96% of the company’s stock.

The stock’s 50-day moving average is $164.85 and its 200-day moving average is $146.87. The stock has a market cap of $7.57 billion, a P/E ratio of 1,594.69, a price-to-earnings-growth ratio of 5.40 and a beta of 0.85.

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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