Freshpet (NASDAQ:FRPT) Stock Price Up 7% – Should You Buy?
by Kim Johansen · The Markets DailyFreshpet, Inc. (NASDAQ:FRPT – Get Free Report) rose 7% during mid-day trading on Monday . The stock traded as high as $57.08 and last traded at $57.40. Approximately 77,835 shares traded hands during trading, a decline of 95% from the average daily volume of 1,530,733 shares. The stock had previously closed at $53.62.
Analyst Ratings Changes
A number of equities research analysts have weighed in on FRPT shares. Stifel Nicolaus set a $66.00 price objective on Freshpet in a report on Thursday, May 7th. Benchmark increased their target price on Freshpet from $90.00 to $93.00 and gave the stock a “buy” rating in a research note on Monday, March 23rd. Wells Fargo & Company cut their target price on Freshpet from $75.00 to $70.00 and set an “overweight” rating for the company in a research note on Wednesday, July 8th. Bank of America decreased their price target on Freshpet from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 1st. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Freshpet in a report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Freshpet presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.25.
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Freshpet Stock Down 3.0%
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 $2.67 billion, a price-to-earnings ratio of 14.50 and a beta of 1.60. The firm’s 50-day simple moving average is $52.82 and its two-hundred day simple moving average is $62.87.
Insider Buying and Selling
In other news, Director Craig D. Steeneck acquired 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was purchased at an average cost of $47.83 per share, with a total value of $95,660.00. Following the purchase, the director directly owned 37,500 shares of the company’s stock, valued at approximately $1,793,625. This trade represents a 5.63% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO William B. Cyr sold 42,495 shares of Freshpet stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $51.03, for a total value of $2,168,519.85. Following the transaction, the chief executive officer directly owned 224,459 shares of the company’s stock, valued at approximately $11,454,142.77. This represents a 15.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders purchased 4,211 shares of company stock worth $215,027 and sold 235,262 shares worth $11,664,591. Corporate insiders own 4.30% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in FRPT. Vanguard Group Inc. increased its position in Freshpet by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 5,281,833 shares of the company’s stock worth $321,822,000 after buying an additional 128,499 shares in the last quarter. William Blair Investment Management LLC raised its holdings in shares of Freshpet by 30.9% in the fourth quarter. William Blair Investment Management LLC now owns 1,952,767 shares of the company’s stock worth $118,982,000 after acquiring an additional 461,444 shares during the last quarter. Impax Asset Management Group plc lifted its position in shares of Freshpet by 100.0% in the fourth quarter. Impax Asset Management Group plc now owns 140,000 shares of the company’s stock valued at $8,530,000 after acquiring an additional 70,000 shares in the last quarter. Fortis Group Advisors LLC purchased a new stake in shares of Freshpet in the fourth quarter valued at $1,722,000. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Freshpet by 107.4% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 193,584 shares of the company’s stock valued at $11,795,000 after acquiring an additional 100,260 shares during the last quarter.
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.