Freshpet (NASDAQ:FRPT) Trading Down 4.6% – Here’s What Happened

Freshpet, Inc. (NASDAQ:FRPT)’s share price was down 4.6% during trading on Friday . The stock traded as low as $62.61 and last traded at $62.5950. Approximately 568,234 shares traded hands during trading, a decline of 59% from the average daily volume of 1,381,795 shares. The stock had previously closed at $65.63.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FRPT. DA Davidson cut their price target on shares of Freshpet from $101.00 to $83.00 and set a “buy” rating on the stock in a report on Tuesday, November 4th. Truist Financial cut their target price on shares of Freshpet from $70.00 to $50.00 and set a “hold” rating on the stock in a research note on Tuesday, November 4th. Jefferies Financial Group reissued a “hold” rating and issued a $56.00 price objective on shares of Freshpet in a report on Tuesday, November 4th. UBS Group set a $48.00 price objective on Freshpet and gave the company a “sell” rating in a research note on Tuesday, November 4th. Finally, Bank of America lifted their target price on Freshpet from $60.00 to $67.00 and gave the stock a “neutral” rating in a research report on Friday. Six analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $82.63.

Freshpet Stock Performance

The company has a debt-to-equity ratio of 0.36, a quick ratio of 4.61 and a current ratio of 5.52. The stock’s fifty day moving average is $56.32 and its two-hundred day moving average is $61.42. The firm has a market cap of $3.06 billion, a price-to-earnings ratio of 27.34, a PEG ratio of 0.87 and a beta of 1.72.

Freshpet (NASDAQ:FRPT) last announced its quarterly earnings results on Monday, November 3rd. The company reported $1.86 EPS for the quarter, beating the consensus estimate of $0.43 by $1.43. Freshpet had a net margin of 11.44% and a return on equity of 5.73%. The company had revenue of $288.85 million for the quarter, compared to analyst estimates of $283.73 million. During the same quarter last year, the business earned $0.24 earnings per share. Freshpet’s revenue was up 14.0% compared to the same quarter last year. On average, analysts expect that Freshpet, Inc. will post 1.55 earnings per share for the current fiscal year.

Insider Activity

In other news, President Scott James Morris sold 63,135 shares of the firm’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $55.21, for a total transaction of $3,485,683.35. Following the transaction, the president directly owned 160,476 shares of the company’s stock, valued at approximately $8,859,879.96. This trade represents a 28.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.43% of the company’s stock.

Institutional Trading of Freshpet

A number of hedge funds and other institutional investors have recently made changes to their positions in FRPT. State Board of Administration of Florida Retirement System lifted its stake in shares of Freshpet by 0.4% during the second quarter. State Board of Administration of Florida Retirement System now owns 42,582 shares of the company’s stock valued at $2,894,000 after acquiring an additional 160 shares during the period. Maryland State Retirement & Pension System lifted its position in Freshpet by 1.2% during the 2nd quarter. Maryland State Retirement & Pension System now owns 16,510 shares of the company’s stock valued at $1,122,000 after purchasing an additional 189 shares during the period. Parallel Advisors LLC boosted its stake in shares of Freshpet by 55.0% in the 3rd quarter. Parallel Advisors LLC now owns 555 shares of the company’s stock valued at $31,000 after purchasing an additional 197 shares during the last quarter. Ossiam grew its position in shares of Freshpet by 81.1% during the 2nd quarter. Ossiam now owns 509 shares of the company’s stock worth $35,000 after buying an additional 228 shares during the period. Finally, Yousif Capital Management LLC raised its stake in shares of Freshpet by 1.4% during the second quarter. Yousif Capital Management LLC now owns 18,408 shares of the company’s stock worth $1,251,000 after buying an additional 253 shares during the last quarter.

Freshpet Company Profile

Freshpet Inc (NASDAQ: FRPT) is a leading pet food company specializing in fresh, refrigerated meals and treats for dogs and cats. The company’s products are formulated with carefully selected, natural ingredients and are designed to offer a higher level of nutrition and freshness than traditional dry or canned pet foods. Freshpet’s offerings include refrigerated rolls, pâtés and snacks, all of which are sold through the refrigerated section of grocery, mass-market and pet specialty stores.

Freshpet’s product portfolio is built around the concept of fresh, minimally processed recipes that do not require preservatives or artificial colors.