Freshpet (NASDAQ:FRPT) Shares Gap Up – Still a Buy?

Freshpet, Inc. (NASDAQ:FRPT) gapped up before the market opened on Thursday . The stock had previously closed at $48.35, but opened at $51.00. Freshpet shares last traded at $49.5780, with a volume of 152,412 shares trading hands.

Analyst Upgrades and Downgrades

FRPT has been the subject of several research reports. Benchmark upped their price objective on shares of Freshpet from $90.00 to $93.00 and gave the company a “buy” rating in a research note on Monday, March 23rd. Wells Fargo & Company dropped their price target on shares of Freshpet from $78.00 to $75.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Freshpet in a research note on Monday, April 20th. Piper Sandler increased their price target on shares of Freshpet from $80.00 to $87.00 and gave the company an “overweight” rating in a research note on Wednesday, February 4th. Finally, JPMorgan Chase & Co. raised shares of Freshpet from a “neutral” rating to an “overweight” rating and increased their price target for the company from $66.00 to $68.00 in a research note on Thursday, May 7th. Eleven research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $74.88.

Freshpet Price Performance

The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.26 and a current ratio of 6.18. The stock has a market cap of $2.44 billion, a PE ratio of 13.23 and a beta of 1.73. The stock’s 50-day moving average is $62.37 and its two-hundred day moving average is $64.25.

Freshpet (NASDAQ:FRPT) last posted its quarterly earnings data on Monday, February 23rd. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.21. The firm had revenue of $285.23 million during the quarter, compared to analysts’ expectations of $285.66 million. Freshpet had a net margin of 17.63% and a return on equity of 6.22%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company posted $0.36 EPS. On average, equities analysts predict that Freshpet, Inc. will post 1.71 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Walter N. George acquired 2,000 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was purchased at an average price of $54.67 per share, with a total value of $109,340.00. Following the transaction, the director owned 50,746 shares of the company’s stock, valued at approximately $2,774,283.82. This trade represents a 4.10% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William B. Cyr sold 42,693 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $49.32, for a total transaction of $2,105,618.76. Following the sale, the chief executive officer owned 165,446 shares in the company, valued at approximately $8,159,796.72. This trade represents a 20.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 140,866 shares of company stock valued at $6,996,765 in the last ninety days. 4.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Freshpet

A number of hedge funds have recently added to or reduced their stakes in FRPT. Wasatch Advisors LP lifted its holdings in Freshpet by 41.0% during the 2nd quarter. Wasatch Advisors LP now owns 3,839,332 shares of the company’s stock worth $260,921,000 after buying an additional 1,116,217 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of Freshpet by 1,031.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 931,905 shares of the company’s stock valued at $56,781,000 after purchasing an additional 1,031,905 shares in the last quarter. Capital World Investors raised its holdings in shares of Freshpet by 151.8% in the 3rd quarter. Capital World Investors now owns 1,482,778 shares of the company’s stock valued at $81,716,000 after purchasing an additional 893,949 shares in the last quarter. Alberta Investment Management Corp acquired a new stake in shares of Freshpet in the 3rd quarter valued at $41,862,000. Finally, Armistice Capital LLC raised its holdings in shares of Freshpet by 118.4% in the 3rd quarter. Armistice Capital LLC now owns 1,234,802 shares of the company’s stock valued at $68,050,000 after purchasing an additional 669,399 shares in 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.