Truist Financial Reiterates Buy Rating for Freshpet (NASDAQ:FRPT)

Freshpet (NASDAQ:FRPT)‘s stock had its “buy” rating restated by research analysts at Truist Financial in a report released on Tuesday,Benzinga reports. They currently have a $140.00 price target on the stock, down from their prior price target of $170.00. Truist Financial’s price objective points to a potential upside of 35.14% from the stock’s current price.

A number of other research firms have also issued reports on FRPT. Benchmark reaffirmed a “buy” rating and issued a $150.00 target price on shares of Freshpet in a research note on Friday, November 1st. StockNews.com cut shares of Freshpet from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Piper Sandler decreased their price objective on Freshpet from $180.00 to $160.00 and set an “overweight” rating on the stock in a report on Friday. Deutsche Bank Aktiengesellschaft upped their target price on Freshpet from $161.00 to $163.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Finally, DA Davidson increased their price target on shares of Freshpet from $183.00 to $189.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Freshpet has a consensus rating of “Moderate Buy” and a consensus target price of $156.47.

Freshpet Stock Performance

Freshpet stock traded down $3.98 during mid-day trading on Tuesday, reaching $103.60. 342,427 shares of the company were exchanged, compared to its average volume of 961,875. The firm’s 50-day simple moving average is $144.76 and its two-hundred day simple moving average is $142.98. Freshpet has a twelve month low of $97.48 and a twelve month high of $164.07. The firm has a market cap of $5.05 billion, a PE ratio of 110.44 and a beta of 1.42. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.91 and a current ratio of 4.72.

Freshpet (NASDAQ:FRPT) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.36 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.36. The business had revenue of $262.71 million for the quarter, compared to analysts’ expectations of $275.46 million. Freshpet had a net margin of 4.81% and a return on equity of 3.92%. Equities analysts predict that Freshpet will post 1.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, President Scott James Morris sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $157.38, for a total transaction of $786,900.00. Following the completion of the transaction, the president now directly owns 122,380 shares in the company, valued at approximately $19,260,164.40. The trade was a 3.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Freshpet

Several hedge funds have recently modified their holdings of the company. Lecap Asset Management Ltd. acquired a new stake in Freshpet during the fourth quarter valued at approximately $817,000. Geode Capital Management LLC increased its position in shares of Freshpet by 4.7% in the third quarter. Geode Capital Management LLC now owns 835,663 shares of the company’s stock worth $115,650,000 after acquiring an additional 37,287 shares in the last quarter. Transcendent Capital Group LLC acquired a new stake in shares of Freshpet during the third quarter valued at approximately $1,465,000. Geneva Capital Management LLC lifted its position in shares of Freshpet by 166.2% in the 3rd quarter. Geneva Capital Management LLC now owns 84,221 shares of the company’s stock valued at $11,519,000 after acquiring an additional 52,584 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Freshpet by 198.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 381,385 shares of the company’s stock worth $55,065,000 after purchasing an additional 253,679 shares during the period.

About Freshpet

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.