Freshpet (NASDAQ:FRPT) Upgraded to Buy at Truist Securities

Truist Securities upgraded shares of Freshpet (NASDAQ:FRPT) from a hold rating to a buy rating in a research note issued to investors on Wednesday, PriceTargets.com reports. They currently have $175.00 price target on the stock.

Several other research analysts have also issued reports on the stock. Credit Suisse Group cut their target price on shares of Freshpet from $180.00 to $170.00 and set a neutral rating for the company in a research report on Tuesday, August 3rd. Zacks Investment Research raised shares of Freshpet from a sell rating to a hold rating in a research note on Tuesday, September 21st. Citigroup lowered their price target on shares of Freshpet from $139.00 to $120.00 and set a sell rating for the company in a research note on Wednesday, August 25th. Cowen began coverage on shares of Freshpet in a research note on Friday, September 10th. They issued an outperform rating and a $229.00 price target for the company. Finally, Truist lowered their price target on shares of Freshpet from $175.00 to $145.00 and set a hold rating for the company in a research note on Tuesday, August 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Freshpet has a consensus rating of Buy and an average target price of $174.13.

Shares of NASDAQ:FRPT opened at $141.24 on Wednesday. Freshpet has a 52-week low of $113.41 and a 52-week high of $186.98. The firm has a fifty day moving average of $136.70 and a 200 day moving average of $155.62. The firm has a market capitalization of $6.12 billion, a PE ratio of -336.29 and a beta of 0.63.

Freshpet (NASDAQ:FRPT) last announced its earnings results on Sunday, August 1st. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.11). Freshpet had a negative return on equity of 3.25% and a negative net margin of 4.89%. The company had revenue of $108.62 million during the quarter, compared to analysts’ expectations of $106.05 million. The company’s revenue was up 35.8% compared to the same quarter last year. Equities analysts predict that Freshpet will post -0.14 earnings per share for the current fiscal year.

In other Freshpet news, EVP Stephen Macchiaverna sold 2,500 shares of the company’s stock in a transaction dated Wednesday, September 15th. The shares were sold at an average price of $134.90, for a total value of $337,250.00. Following the sale, the executive vice president now owns 83,997 shares in the company, valued at $11,331,195.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Scott James Morris sold 1,997 shares of the company’s stock in a transaction dated Tuesday, July 20th. The stock was sold at an average price of $155.25, for a total transaction of $310,034.25. Following the completion of the sale, the chief operating officer now owns 128,366 shares in the company, valued at approximately $19,928,821.50. The disclosure for this sale can be found here. Insiders have sold 18,453 shares of company stock worth $2,660,736 in the last quarter. 5.80% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bruderman Asset Management LLC grew its holdings in Freshpet by 14.1% in the third quarter. Bruderman Asset Management LLC now owns 3,308 shares of the company’s stock worth $472,000 after purchasing an additional 410 shares during the period. Stonnington Group LLC purchased a new stake in Freshpet in the third quarter worth about $281,000. Parametric Portfolio Associates LLC grew its holdings in Freshpet by 2.3% in the second quarter. Parametric Portfolio Associates LLC now owns 72,632 shares of the company’s stock worth $11,836,000 after purchasing an additional 1,624 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Freshpet in the second quarter worth about $548,000. Finally, Marshall Wace LLP grew its holdings in Freshpet by 103.2% in the second quarter. Marshall Wace LLP now owns 51,383 shares of the company’s stock worth $8,373,000 after purchasing an additional 26,097 shares during the period. Institutional investors and hedge funds own 92.84% of the company’s stock.

About Freshpet

Freshpet, Inc engages in the manufacturing, marketing, and distribution of pet food and pet treats for dogs and cats. Its products are sold throughout the United States and in Canada under the Freshpet Select, Vital and Nature’s Fresh brands. Its products include deli fresh grain free chicken recipe for dogs; dog joy turkey and apple bites treats for dogs; nature’s fresh grain free chicken recipe for cats; and vital grain free chicken and ocean whitefish recipe for cats.

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Analyst Recommendations for Freshpet (NASDAQ:FRPT)

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