Freshpet (NASDAQ:FRPT) Hits New 12-Month High Following Strong Earnings

Freshpet, Inc. (NASDAQ:FRPT) shares hit a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $154.80 and last traded at $151.54, with a volume of 81617 shares traded. The stock had previously closed at $150.57.

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FRPT. TD Cowen raised their price objective on shares of Freshpet from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. JPMorgan Chase & Co. raised their price target on Freshpet from $113.00 to $126.00 and gave the stock a “neutral” rating in a report on Tuesday, August 6th. Benchmark reaffirmed a “buy” rating and set a $150.00 price objective on shares of Freshpet in a research note on Friday. Deutsche Bank Aktiengesellschaft lifted their target price on Freshpet from $161.00 to $163.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Robert W. Baird increased their target price on Freshpet from $157.00 to $170.00 and gave the stock an “outperform” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $147.60.

Insider Activity at Freshpet

In related news, EVP Stephen Macchiaverna sold 2,178 shares of Freshpet stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $140.01, for a total transaction of $304,941.78. Following the sale, the executive vice president now owns 86,039 shares of the company’s stock, valued at $12,046,320.39. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Freshpet

Institutional investors have recently made changes to their positions in the business. Whittier Trust Co. acquired a new position in Freshpet in the first quarter worth about $41,000. Central Pacific Bank Trust Division bought a new stake in shares of Freshpet during the 1st quarter valued at about $520,000. Duality Advisers LP acquired a new stake in Freshpet during the first quarter worth about $854,000. Envestnet Portfolio Solutions Inc. acquired a new stake in Freshpet during the first quarter worth about $244,000. Finally, Quantbot Technologies LP bought a new position in Freshpet in the first quarter worth about $3,388,000.

Freshpet Stock Performance

The company has a market capitalization of $7.35 billion, a price-to-earnings ratio of 172.56 and a beta of 1.39. The stock has a 50 day simple moving average of $137.88 and a 200 day simple moving average of $129.30. The company has a quick ratio of 3.69, a current ratio of 4.50 and a debt-to-equity ratio of 0.42.

Freshpet Company Profile

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.