Freshpet Inc. (FRPT) Stock Rating Lowered by Zacks Investment Research
Freshpet Inc. (NASDAQ:FRPT) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “Freshpet Inc. is a pet food company. The company manufactures and markets natural fresh foods, refrigerated meals, and treats for dogs and cats in the United States and Canada. Freshpet provides meats- based recipes, such as chicken, beef, lamb and salmon; fruits and vegetables, such as carrots, peas and leafy green vegetables, and high-fiber grains, such as brown rice, oats and barley. It sells its products under the Freshpet, Dognation, and Dog Joy brand names. Freshpet Inc. is headquartered in Secaucus, New Jersey. “
Other research analysts also recently issued research reports about the company. Wedbush restated an “outperform” rating and set a $10.00 price target on shares of Freshpet in a research note on Friday, August 5th. Stephens upgraded Freshpet from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 5th. Goldman Sachs Group Inc. restated a “neutral” rating and set a $10.00 price target (up previously from $9.00) on shares of Freshpet in a research note on Friday, July 15th. TheStreet upgraded Freshpet from a “sell” rating to a “hold” rating in a research note on Monday, June 20th. Finally, Robert W. Baird restated an “outperform” rating and set a $10.00 price target on shares of Freshpet in a research note on Monday, August 8th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $10.22.
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Shares of Freshpet (NASDAQ:FRPT) traded up 2.10% on Wednesday, hitting $8.74. The stock had a trading volume of 140,328 shares. The firm’s 50-day moving average is $9.65 and its 200-day moving average is $9.12. The company’s market cap is $277.93 million. Freshpet has a one year low of $5.60 and a one year high of $11.81.
Freshpet (NASDAQ:FRPT) last issued its earnings results on Thursday, August 4th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.03) by $0.07. Freshpet had a negative return on equity of 3.80% and a negative net margin of 3.12%. The business had revenue of $33 million for the quarter, compared to analyst estimates of $32.92 million. During the same period last year, the business posted ($0.07) EPS. Freshpet’s revenue was up 16.4% on a year-over-year basis. On average, analysts expect that Freshpet will post ($0.11) EPS for the current fiscal year.
In other Freshpet news, CEO William B. Cyr purchased 50,382 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The shares were 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 directly owns 27,919 shares in the company, valued at $276,118.91. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Cathal Walsh sold 37,639 shares of Freshpet stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $10.69, for a total value of $402,360.91. Following the completion of the sale, the vice president now owns 130,898 shares in the company, valued at $1,399,299.62. The disclosure for this sale can be found here. 8.20% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. Riverbridge Partners LLC increased its stake in Freshpet by 40.3% in the second quarter. Riverbridge Partners LLC now owns 2,552,253 shares of the company’s stock worth $23,813,000 after buying an additional 732,575 shares during the period. Franklin Resources Inc. increased its stake in Freshpet by 361.2% in the first quarter. Franklin Resources Inc. now owns 2,166,760 shares of the company’s stock worth $15,882,000 after buying an additional 1,696,958 shares during the period. Vanguard Group Inc. increased its stake in Freshpet by 7.2% in the second quarter. Vanguard Group Inc. now owns 963,945 shares of the company’s stock worth $8,994,000 after buying an additional 64,995 shares during the period. Boston Partners increased its stake in Freshpet by 2.8% in the second quarter. Boston Partners now owns 814,250 shares of the company’s stock worth $7,597,000 after buying an additional 22,481 shares during the period. Finally, BlackRock Fund Advisors increased its stake in Freshpet by 9.6% in the second quarter. BlackRock Fund Advisors now owns 582,539 shares of the company’s stock worth $5,435,000 after buying an additional 50,846 shares during the period. Hedge funds and other institutional investors own 66.93% of the company’s stock.
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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