Freshpet (NASDAQ:FRPT) Stock Price Target Cut by JPMorgan Chase & Co.

Freshpet (NASDAQ:FRPT) had its price objective reduced by stock analysts at JPMorgan Chase & Co. from $78.00 to $76.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 18.99% from the company’s current price.

Several other research analysts also recently issued reports on FRPT. Stifel Nicolaus upped their price objective on Freshpet from $66.00 to $78.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Wells Fargo & Company decreased their price objective on Freshpet from $82.00 to $77.00 and set an “overweight” rating on the stock in a research report on Monday, October 5th. Needham & Company LLC started coverage on Freshpet in a research note on Thursday, October 1st. They issued a “hold” rating for the company. Piper Sandler restated an “overweight” rating on shares of Freshpet in a research report on Monday, October 5th. Finally, Weiss Ratings raised Freshpet from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, September 28th. Ten research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $75.50.

Freshpet Price Performance

Shares of FRPT stock traded down $0.25 during trading hours on Monday, hitting $63.87. 201,500 shares of the company’s stock were exchanged, compared to its average volume of 1,401,257. The stock’s 50-day moving average is $65.96 and its 200-day moving average is $60.86. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.05 and a quick ratio of 5.03. The stock has a market cap of $3.14 billion, a price-to-earnings ratio of 16.80 and a beta of 1.78. Freshpet has a 52 week low of $46.45 and a 52 week high of $86.00.

Freshpet (NASDAQ:FRPT) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.17. The business had revenue of $305.59 million during the quarter, compared to analysts’ expectations of $292.35 million. Freshpet had a return on equity of 5.97% and a net margin of 17.28%. The firm’s revenue for the quarter was up 15.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.33 earnings per share. As a group, research analysts forecast that Freshpet will post 1.25 EPS for the current year.

Insider Activity at Freshpet

In related news, CEO William B. Cyr sold 2,657 shares of the stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $75.40, for a total value of $200,337.80. Following the transaction, the chief executive officer directly owned 49,044 shares in the company, valued at $3,697,917.60. This represents a 5.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Walter N. George acquired 1,000 shares of Freshpet stock in a transaction on Monday, September 14th. The stock was acquired at an average cost of $64.92 per share, for a total transaction of $64,920.00. Following the completion of the purchase, the director owned 51,746 shares of the company’s stock, valued at approximately $3,359,350.32. The trade was a 1.97% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have sold 171,636 shares of company stock valued at $12,754,864. 4.30% of the stock is owned by corporate insiders.

Institutional Trading of Freshpet

A number of institutional investors have recently bought and sold shares of the business. Corecam Pte. Ltd. lifted its stake in shares of Freshpet by 13.5% in the 3rd quarter. Corecam Pte. Ltd. now owns 8,434 shares of the company’s stock valued at $485,000 after purchasing an additional 1,001 shares during the period. Washington Trust Advisors Inc. grew its stake in shares of Freshpet by 1.6% during the third quarter. Washington Trust Advisors Inc. now owns 19,270 shares of the company’s stock worth $1,109,000 after purchasing an additional 295 shares during the period. IFP Advisors Inc grew its stake in shares of Freshpet by 3,640.4% during the third quarter. IFP Advisors Inc now owns 1,945 shares of the company’s stock worth $112,000 after purchasing an additional 1,893 shares during the period. GAMMA Investing LLC increased its holdings in Freshpet by 34.5% in the third quarter. GAMMA Investing LLC now owns 2,439 shares of the company’s stock valued at $140,000 after purchasing an additional 625 shares during the last quarter. Finally, Tidal Investments LLC increased its holdings in Freshpet by 1.8% in the second quarter. Tidal Investments LLC now owns 39,313 shares of the company’s stock valued at $2,324,000 after purchasing an additional 697 shares during the last quarter.

About Freshpet

Freshpet, Inc (NASDAQ: FRPT) is a pet food company that develops, manufactures and markets refrigerated, fresh food and treats for dogs and cats. Its products are made with animal proteins, vegetables and other ingredients and are designed to be stored in the refrigerator rather than on a conventional shelf.

The company sells its products under the Freshpet brand and related product lines, including Freshpet Select and Vital. Its offerings include refrigerated meals, rolls, recipes and treats formulated for different pet sizes, ages and dietary needs.