Freshpet (NASDAQ:FRPT) Hits New 12-Month High Following Strong Earnings

Freshpet, Inc. (NASDAQ:FRPT - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $154.80 and last traded at $151.54, with a volume of 81617 shares traded. The stock had previously closed at $150.57.

The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.10. The business had revenue of $253.40 million during the quarter, compared to the consensus estimate of $248.36 million. Freshpet had a return on equity of 1.78% and a net margin of 2.86%. Freshpet's quarterly revenue was up 26.3% on a year-over-year basis. During the same period last year, the company earned ($0.15) earnings per share.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FRPT. TD Cowen boosted their price objective on shares of Freshpet from $160.00 to $174.00 and gave the stock a "buy" rating in a research report on Tuesday. JPMorgan Chase & Co. boosted their price target on shares of Freshpet from $126.00 to $154.00 and gave the stock a "neutral" rating in a research report on Tuesday. Wells Fargo & Company raised their price objective on Freshpet from $157.00 to $175.00 and gave the company an "overweight" rating in a report on Tuesday. Truist Financial upped their target price on Freshpet from $160.00 to $170.00 and gave the stock a "buy" rating in a report on Tuesday. Finally, Robert W. Baird raised their price target on Freshpet from $157.00 to $170.00 and gave the company an "outperform" rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $155.47.

Insider Transactions at Freshpet

In other news, EVP Stephen Macchiaverna sold 2,178 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president now owns 86,039 shares in the company, valued at $12,046,320.39. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. WCM Investment Management LLC increased its holdings in shares of Freshpet by 749.7% during the third quarter. WCM Investment Management LLC now owns 2,771,377 shares of the company's stock worth $376,187,000 after purchasing an additional 2,445,199 shares during the period. TimesSquare Capital Management LLC bought a new position in Freshpet during the 1st quarter worth $17,845,000. Driehaus Capital Management LLC increased its stake in Freshpet by 24.4% during the 2nd quarter. Driehaus Capital Management LLC now owns 721,288 shares of the company's stock worth $93,327,000 after acquiring an additional 141,615 shares during the period. M&G Plc acquired a new position in Freshpet in the 2nd quarter valued at $8,892,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Freshpet during the 2nd quarter valued at $8,902,000.

Freshpet Trading Up 0.7 %

The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.69 and a current ratio of 4.50. The company has a market capitalization of $7.35 billion, a price-to-earnings ratio of 170.33 and a beta of 1.39. The firm has a fifty day moving average price of $138.19 and a 200-day moving average price of $129.63.

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.