Pier 88 Investment Partners LLC Sells 7,090 Shares of Freshpet, Inc. (NASDAQ:FRPT)

Pier 88 Investment Partners LLC lessened its stake in shares of Freshpet, Inc. (NASDAQ:FRPT - Free Report) by 25.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,850 shares of the company's stock after selling 7,090 shares during the quarter. Pier 88 Investment Partners LLC's holdings in Freshpet were worth $2,852,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. GAMMA Investing LLC lifted its position in shares of Freshpet by 41.1% during the 2nd quarter. GAMMA Investing LLC now owns 371 shares of the company's stock worth $48,000 after buying an additional 108 shares during the period. Parkside Financial Bank & Trust raised its position in Freshpet by 13.9% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,305 shares of the company's stock valued at $169,000 after purchasing an additional 159 shares during the last quarter. Amalgamated Bank raised its position in Freshpet by 6.7% in the 2nd quarter. Amalgamated Bank now owns 2,740 shares of the company's stock valued at $355,000 after purchasing an additional 171 shares during the last quarter. CWM LLC raised its position in Freshpet by 65.9% in the 2nd quarter. CWM LLC now owns 496 shares of the company's stock valued at $64,000 after purchasing an additional 197 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new position in Freshpet in the 3rd quarter valued at $29,000.

Insider Activity

In related news, EVP Stephen Macchiaverna sold 2,178 shares of the firm's stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $140.01, for a total transaction of $304,941.78. Following the completion of the transaction, the executive vice president now directly owns 86,039 shares of the company's stock, valued at $12,046,320.39. This trade represents a 2.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thembeka Machaba sold 2,500 shares of the firm's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $153.85, for a total value of $384,625.00. The disclosure for this sale can be found here. 3.70% of the stock is owned by corporate insiders.

Freshpet Stock Performance

NASDAQ:FRPT traded down $2.90 on Thursday, hitting $150.83. The company's stock had a trading volume of 397,539 shares, compared to its average volume of 584,424. The company has a current ratio of 4.72, a quick ratio of 3.91 and a debt-to-equity ratio of 0.41. The stock has a fifty day moving average of $140.68 and a two-hundred day moving average of $131.68. The firm has a market capitalization of $7.32 billion, a P/E ratio of 169.47 and a beta of 1.39. Freshpet, Inc. has a one year low of $68.14 and a one year high of $159.12.

Freshpet (NASDAQ:FRPT - Get Free Report) last posted its earnings results on Monday, November 4th. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. Freshpet had a return on equity of 3.67% and a net margin of 4.75%. The company had revenue of $253.40 million for the quarter, compared to the consensus estimate of $248.36 million. During the same quarter in the prior year, the business earned ($0.15) earnings per share. The firm's revenue for the quarter was up 26.3% on a year-over-year basis. Research analysts predict that Freshpet, Inc. will post 0.87 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FRPT. StockNews.com upgraded Freshpet from a "sell" rating to a "hold" rating in a research report on Tuesday. Citigroup lifted their price objective on Freshpet from $124.00 to $129.00 and gave the company a "neutral" rating in a research report on Wednesday, July 17th. Robert W. Baird boosted their target price on Freshpet from $157.00 to $170.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 5th. JPMorgan Chase & Co. boosted their target price on Freshpet from $126.00 to $154.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 5th. Finally, Oppenheimer boosted their target price on Freshpet from $155.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $157.80.

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.