Freshpet (NASDAQ:FRPT) Sets New 1-Year High After Strong Earnings

Freshpet, Inc. (NASDAQ:FRPT)’s share price reached a new 52-week high on Tuesday following a stronger than expected earnings report. The stock traded as high as $154.80 and last traded at $151.54, with a volume of 81617 shares trading hands. The stock had previously closed at $150.57.

The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.10. Freshpet had a net margin of 2.86% and a return on equity of 1.78%. The business had revenue of $253.40 million during the quarter, compared to the consensus estimate of $248.36 million. During the same quarter last year, the firm earned ($0.15) earnings per share. The firm’s quarterly revenue was up 26.3% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Bank of America boosted their price objective on shares of Freshpet from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. JPMorgan Chase & Co. upped their price target on shares of Freshpet from $113.00 to $126.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th. Robert W. Baird upped their target price on Freshpet from $157.00 to $170.00 and gave the stock an “outperform” rating in a report on Tuesday. Citigroup lifted their price target on Freshpet from $124.00 to $129.00 and gave the company a “neutral” rating in a report on Wednesday, July 17th. Finally, TD Cowen raised their price objective on Freshpet from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $147.60.

Insiders Place Their Bets

In related news, EVP Stephen Macchiaverna sold 2,178 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $140.01, for a total value of $304,941.78. Following the transaction, the executive vice president now directly owns 86,039 shares in the company, valued at approximately $12,046,320.39. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 3.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Freshpet

A number of hedge funds and other institutional investors have recently bought and sold shares of FRPT. WCM Investment Management LLC increased its position in shares of Freshpet by 749.7% during the third quarter. WCM Investment Management LLC now owns 2,771,377 shares of the company’s stock worth $376,187,000 after acquiring an additional 2,445,199 shares during the period. TimesSquare Capital Management LLC purchased a new stake in shares of Freshpet during the first quarter worth approximately $17,845,000. Driehaus Capital Management LLC lifted its stake in Freshpet by 24.4% in the second quarter. Driehaus Capital Management LLC now owns 721,288 shares of the company’s stock worth $93,327,000 after acquiring an additional 141,615 shares during the last quarter. M&G Plc purchased a new position in Freshpet in the second quarter valued at approximately $8,892,000. Finally, Renaissance Technologies LLC acquired a new stake in Freshpet during the second quarter worth approximately $8,902,000.

Freshpet Stock Performance

The company has a current ratio of 4.50, a quick ratio of 3.69 and a debt-to-equity ratio of 0.42. The firm’s fifty day moving average price is $137.88 and its 200-day moving average price is $129.30. The firm has a market cap of $7.35 billion, a price-to-earnings ratio of 172.56 and a beta of 1.39.

About Freshpet

Freshpet, Inc, together with its subsidiaries, manufactures, distributes, and markets natural fresh meals and treats for dogs and cats in the United States, Canada, and Europe. It sells dog food, cat food, and dog treats under the Freshpet brand name; and Dognation and Dog Joy labels through various classes of retail, including grocery, mass, club, pet specialty, and natural, as well as online.