Zacks Investment Research downgraded shares of Freshpet, Inc. (NASDAQ:FRPT) from a hold rating to a sell rating in a research note released 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. “
Several other equities research analysts have also recently commented on FRPT. BidaskClub cut shares of Freshpet from a hold rating to a sell rating in a research report on Saturday, August 12th. SunTrust Banks, Inc. lifted their price target on shares of Freshpet from $15.00 to $20.00 and gave the stock a buy rating in a research report on Tuesday, August 8th. Credit Suisse Group lifted their price target on shares of Freshpet from $15.00 to $17.00 and gave the stock a neutral rating in a research report on Tuesday, November 7th. Susquehanna Bancshares Inc assumed coverage on shares of Freshpet in a research report on Monday, October 2nd. They set a neutral rating and a $15.00 price target for the company. Finally, Robert W. Baird set a $20.00 price objective on shares of Freshpet and gave the company a buy rating in a report on Sunday, October 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. Freshpet currently has a consensus rating of Hold and a consensus price target of $18.36.
Shares of Freshpet (NASDAQ FRPT) opened at $17.40 on Wednesday. Freshpet has a 1 year low of $8.25 and a 1 year high of $18.25.
Freshpet (NASDAQ:FRPT) last issued its quarterly earnings results on Monday, November 6th. The company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). Freshpet had a negative net margin of 3.04% and a negative return on equity of 4.19%. The company had revenue of $41.20 million during the quarter, compared to analysts’ expectations of $41.19 million. During the same quarter in the previous year, the company earned $0.02 EPS. Freshpet’s revenue was up 19.4% on a year-over-year basis. analysts anticipate that Freshpet will post -0.11 earnings per share for the current year.
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In other news, CFO Richard A. Kassar sold 8,977 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $16.00, for a total value of $143,632.00. Following the completion of the transaction, the chief financial officer now owns 208,971 shares in the company, valued at $3,343,536. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Scott James Morris sold 2,101 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $15.80, for a total transaction of $33,195.80. Following the completion of the transaction, the insider now owns 204,408 shares of the company’s stock, valued at approximately $3,229,646.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,954 shares of company stock valued at $653,704. Corporate insiders own 6.80% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in FRPT. UBS Asset Management Americas Inc. acquired a new position in shares of Freshpet in the first quarter valued at approximately $155,000. American International Group Inc. boosted its holdings in shares of Freshpet by 7.1% in the first quarter. American International Group Inc. now owns 13,762 shares of the company’s stock valued at $151,000 after buying an additional 917 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Freshpet by 4.1% in the first quarter. Vanguard Group Inc. now owns 1,057,462 shares of the company’s stock valued at $11,631,000 after buying an additional 41,545 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Freshpet by 5.0% in the first quarter. Geode Capital Management LLC now owns 161,411 shares of the company’s stock valued at $1,775,000 after buying an additional 7,702 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its holdings in shares of Freshpet by 5.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 68,556 shares of the company’s stock valued at $755,000 after buying an additional 3,420 shares during the period. Institutional investors own 68.07% 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’s products consist of dog food, cat food, and dog and cat treats.
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