Freshpet Inc (NASDAQ:FRPT) shares traded down 13.4% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $35.95 and last traded at $36.71, 2,818,334 shares traded hands during trading. An increase of 780% from the average session volume of 320,250 shares. The stock had previously closed at $42.41.
The company reported ($0.16) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.08). The firm had revenue of $60.10 million for the quarter, compared to analyst estimates of $59.59 million. Freshpet had a negative net margin of 2.57% and a negative return on equity of 4.46%. The business’s revenue was up 26.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.10) earnings per share.
FRPT has been the topic of several analyst reports. JPMorgan Chase & Co. initiated coverage on Freshpet in a research report on Tuesday, July 30th. They issued a “neutral” rating and a $46.00 target price on the stock. BidaskClub raised Freshpet from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. DA Davidson initiated coverage on Freshpet in a research report on Wednesday, June 19th. They issued a “buy” rating and a $60.00 target price on the stock. Zacks Investment Research raised Freshpet from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Wednesday, July 31st. Finally, SunTrust Banks lowered their price target on Freshpet to $45.00 and set a “neutral” rating on the stock in a report on Tuesday. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $44.29.
Several large investors have recently added to or reduced their stakes in FRPT. FMR LLC boosted its position in shares of Freshpet by 749.2% in the 1st quarter. FMR LLC now owns 2,538,489 shares of the company’s stock valued at $107,353,000 after purchasing an additional 2,239,553 shares during the period. Eagle Asset Management Inc. acquired a new position in shares of Freshpet in the 2nd quarter valued at $26,907,000. Champlain Investment Partners LLC acquired a new position in shares of Freshpet in the 1st quarter valued at $21,016,000. Redwood Investments LLC acquired a new position in shares of Freshpet in the 2nd quarter valued at $9,884,000. Finally, Columbus Circle Investors acquired a new position in shares of Freshpet in the 1st quarter valued at $7,478,000. Institutional investors and hedge funds own 86.92% of the company’s stock.
The company has a current ratio of 1.08, a quick ratio of 0.72 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.32 billion, a price-to-earnings ratio of -244.73 and a beta of 1.11. The firm’s 50-day simple moving average is $45.47.
About Freshpet (NASDAQ:FRPT)
Freshpet, Inc manufactures and markets natural fresh products, refrigerated meals, and treats for dogs and cats in the United States, Canada, and the United Kingdom. The company sells its products under the Freshpet brand; and Dognation and Dog Joy labels through various classes of retail, including grocery, mass, club, pet specialty, and natural, as well as online.
Featured Story: What are the benefits of momentum investing?
Receive News & Ratings for Freshpet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freshpet and related companies with MarketBeat.com's FREE daily email newsletter.