Freshpet, Inc. (NASDAQ:FRPT) Expected to Post Quarterly Sales of $37.76 Million
Wall Street brokerages expect that Freshpet, Inc. (NASDAQ:FRPT) will report sales of $37.76 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Freshpet’s earnings, with the lowest sales estimate coming in at $37.29 million and the highest estimate coming in at $38.10 million. Freshpet posted sales of $33.00 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 14.4%. The firm is scheduled to report its next quarterly earnings results after the market closes on Monday, August 7th.
According to Zacks, analysts expect that Freshpet will report full year sales of $37.76 million for the current year, with estimates ranging from $152.74 million to $154.01 million. For the next year, analysts forecast that the firm will report sales of $180.10 million per share, with estimates ranging from $176.11 million to $183.90 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Freshpet.
A number of equities research analysts have recently weighed in on the company. BidaskClub downgraded Freshpet from a “buy” rating to a “hold” rating in a research note on Friday. Imperial Capital assumed coverage on Freshpet in a research note on Thursday, July 20th. They set an “in-line” rating and a $16.50 price target for the company. They noted that the move was a valuation call. Stifel Nicolaus reaffirmed a “buy” rating and set a $20.00 price target (up from $14.00) on shares of Freshpet in a research note on Thursday, July 20th. Credit Suisse Group raised their price target on Freshpet from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Friday, May 5th. Finally, Zacks Investment Research raised Freshpet from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research note on Monday, July 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. Freshpet currently has a consensus rating of “Hold” and an average target price of $15.07.
In other news, insider Scott James Morris sold 5,000 shares of the stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $16.73, for a total transaction of $83,650.00. Following the transaction, the insider now owns 207,307 shares of the company’s stock, valued at approximately $3,468,246.11. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William B. Cyr acquired 7,300 shares of the stock in a transaction dated Thursday, May 18th. The shares were bought at an average cost of $13.75 per share, for a total transaction of $100,375.00. Following the acquisition, the chief executive officer now owns 75,532 shares in the company, valued at approximately $1,038,565. The disclosure for this purchase can be found here. In the last three months, insiders have sold 45,125 shares of company stock worth $666,758. 8.20% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its position in shares of Freshpet by 12.8% in the second quarter. Bank of New York Mellon Corp now owns 599,954 shares of the company’s stock worth $9,960,000 after buying an additional 68,254 shares in the last quarter. Rhumbline Advisers raised its position in shares of Freshpet by 6.9% in the second quarter. Rhumbline Advisers now owns 25,267 shares of the company’s stock worth $419,000 after buying an additional 1,640 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Freshpet by 0.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 68,936 shares of the company’s stock worth $1,145,000 after buying an additional 380 shares in the last quarter. Gilder Gagnon Howe & Co. LLC bought a new position in shares of Freshpet during the second quarter worth approximately $12,863,000. Finally, Emerald Mutual Fund Advisers Trust raised its position in shares of Freshpet by 60.5% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 421,819 shares of the company’s stock worth $7,002,000 after buying an additional 159,040 shares in the last quarter. 62.19% of the stock is currently owned by institutional investors and hedge funds.
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Shares of Freshpet (NASDAQ:FRPT) opened at 16.25 on Monday. The stock’s market cap is $516.75 million. The stock’s 50 day moving average price is $16.45 and its 200-day moving average price is $13.13. Freshpet has a one year low of $7.60 and a one year high of $18.25.
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’s products consist of dog food, cat food, and dog and cat treats.
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