Freshpet, Inc. (FRPT) Posts Earnings Results, Misses Estimates By $0.01 EPS
Freshpet, Inc. (NASDAQ:FRPT) released its quarterly earnings results on Monday. The company reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.01, Briefing.com reports. Freshpet had a negative return on equity of 4.06% and a negative net margin of 3.14%. The company had revenue of $39.97 million during the quarter, compared to analyst estimates of $38.09 million. During the same period last year, the firm earned ($0.10) earnings per share. The business’s revenue was up 21.1% compared to the same quarter last year.
Freshpet (NASDAQ FRPT) traded up 8.41% during trading on Tuesday, reaching $17.40. The company had a trading volume of 489,421 shares. The company has a 50-day moving average price of $16.45 and a 200 day moving average price of $13.13. Freshpet has a 52-week low of $7.60 and a 52-week high of $18.25. The stock’s market cap is $553.32 million.
A number of equities analysts have recently weighed in on the company. SunTrust Banks, Inc. boosted their price target on Freshpet from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday. BidaskClub cut Freshpet from a “buy” rating to a “hold” rating in a report on Friday. 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 report on Monday, July 24th. Stifel Nicolaus reissued a “buy” rating and issued a $20.00 price target (up from $14.00) on shares of Freshpet in a report on Thursday, July 20th. Finally, Imperial Capital assumed coverage on Freshpet in a report on Thursday, July 20th. They issued an “in-line” rating and a $16.50 price target for the company. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $15.69.
In other news, insider Scott James Morris sold 5,000 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $16.73, for a total value of $83,650.00. Following the completion of the sale, the insider now owns 207,307 shares in the company, valued at $3,468,246.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William B. Cyr bought 7,300 shares of Freshpet stock in a transaction dated Thursday, May 18th. The stock was acquired at an average price of $13.75 per share, with a total value of $100,375.00. Following the acquisition, the chief executive officer now directly owns 75,532 shares of the company’s stock, valued at $1,038,565. The disclosure for this purchase can be found here. Insiders sold 35,125 shares of company stock valued at $526,758 in the last 90 days. Corporate insiders own 8.20% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in FRPT. Gilder Gagnon Howe & Co. LLC purchased a new stake in shares of Freshpet during the second quarter valued at about $12,863,000. Bank of New York Mellon Corp raised its stake in shares of Freshpet by 306.2% in the first quarter. Bank of New York Mellon Corp now owns 531,700 shares of the company’s stock valued at $5,849,000 after buying an additional 400,805 shares in the last quarter. Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Freshpet during the first quarter valued at about $2,891,000. Russell Investments Group Ltd. raised its stake in shares of Freshpet by 130.4% in the second quarter. Russell Investments Group Ltd. now owns 369,545 shares of the company’s stock valued at $6,135,000 after buying an additional 209,186 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Freshpet by 9.9% in the first quarter. Alliancebernstein L.P. now owns 2,303,739 shares of the company’s stock valued at $25,341,000 after buying an additional 208,052 shares in the last quarter. Institutional investors own 65.49% of the company’s stock.
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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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