Freshpet Inc. (FRPT) Receives New Coverage from Analysts at DA Davidson
DA Davidson started coverage on shares of Freshpet Inc. (NASDAQ:FRPT) in a research report issued to clients and investors on Wednesday. The firm set a “neutral” rating and a $10.00 price target on the stock. DA Davidson’s target price would suggest a potential upside of 14.94% from the stock’s current price.
Other equities analysts have also issued reports about the stock. Zacks Investment Research lowered shares of Freshpet from a “hold” rating to a “strong sell” rating in a research report on Wednesday. Wedbush restated an “outperform” rating and issued a $10.00 price objective on shares of Freshpet in a research report on Friday, August 5th. Stephens upgraded shares of Freshpet from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 5th. Goldman Sachs Group Inc. reiterated a “neutral” rating and set a $10.00 target price (up from $9.00) on shares of Freshpet in a research report on Friday, July 15th. Finally, TheStreet upgraded shares of Freshpet from a “sell” rating to a “hold” rating in a research report on Monday, June 20th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $10.22.
Shares of Freshpet (NASDAQ:FRPT) opened at 8.70 on Wednesday. The stock has a 50 day moving average of $9.79 and a 200-day moving average of $9.12. The company’s market capitalization is $276.66 million. Freshpet has a 1-year low of $5.60 and a 1-year high of $11.81.
Freshpet (NASDAQ:FRPT) last released its quarterly earnings data on Thursday, August 4th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates 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 firm earned $33 million during the quarter, compared to the consensus estimate of $32.92 million. During the same quarter last year, the business posted ($0.07) earnings per share. Freshpet’s revenue was up 16.4% compared to the same quarter last year. Analysts forecast that Freshpet will post ($0.12) earnings per share for the current year.
In other Freshpet news, VP Stephen Macchiaverna sold 10,052 shares of Freshpet stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $10.76, for a total transaction of $108,159.52. Following the transaction, the vice president now directly owns 77,938 shares of the company’s stock, valued at $838,612.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William B. Cyr bought 50,382 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The stock was purchased at an average cost of $9.89 per share, for a total transaction of $498,277.98. Following the completion of the purchase, the chief executive officer now owns 27,919 shares of the company’s stock, valued at $276,118.91. The disclosure for this purchase can be found here. Company insiders own 8.20% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of FRPT. Schwab Charles Investment Management Inc. increased its position 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 valued at $555,000 after buying an additional 25,998 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of Freshpet during the second quarter valued at approximately $3,912,000. Parametric Portfolio Associates LLC increased its position in shares of Freshpet by 4.9% in the second quarter. Parametric Portfolio Associates LLC now owns 346,457 shares of the company’s stock valued at $3,232,000 after buying an additional 16,293 shares during the last quarter. UBS Oconnor LLC increased its position in shares of Freshpet by 42.1% in the second quarter. UBS Oconnor LLC now owns 451,165 shares of the company’s stock valued at $4,209,000 after buying an additional 133,693 shares during the last quarter. Finally, State Street Corp increased its position in shares of Freshpet by 5.7% in the second quarter. State Street Corp now owns 292,591 shares of the company’s stock valued at $2,732,000 after buying an additional 15,771 shares during the last quarter. 66.93% of the stock is currently owned by institutional investors.
Freshpet Company Profile
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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