Freshpet, Inc. (NASDAQ:FRPT) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS
Freshpet, Inc. (NASDAQ:FRPT) announced its quarterly earnings data on Monday. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by $0.01, Briefing.com reports. Freshpet had a negative return on equity of 4.06% and a negative net margin of 3.14%. The firm had revenue of $39.97 million for the quarter, compared to analysts’ expectations of $38.09 million. During the same quarter in the prior year, the business posted ($0.10) earnings per share. Freshpet’s revenue was up 21.1% on a year-over-year basis.
Freshpet (NASDAQ FRPT) traded up 8.41% during trading on Tuesday, reaching $17.40. 489,421 shares of the company’s stock traded hands. The firm has a 50 day moving average price of $16.45 and a 200-day moving average price of $13.13. The firm’s market cap is $553.32 million. Freshpet has a 12 month low of $7.60 and a 12 month high of $18.25.
Several brokerages recently issued reports on FRPT. Imperial Capital began coverage on Freshpet in a report on Thursday, July 20th. They set an “in-line” rating and a $16.50 price objective for the company. They noted that the move was a valuation call. Stifel Nicolaus reiterated a “buy” rating and set a $20.00 price objective (up from $14.00) on shares of Freshpet in a report on Thursday, July 20th. Zacks Investment Research upgraded Freshpet from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Monday, July 24th. Credit Suisse Group increased their price objective on Freshpet from $12.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, June 16th. Finally, BidaskClub lowered Freshpet from a “buy” rating to a “hold” rating in a report on Friday. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. Freshpet currently has a consensus rating of “Hold” and an average price target of $15.69.
In other Freshpet news, CEO William B. Cyr purchased 7,300 shares of the business’s stock in a transaction on Thursday, May 18th. The shares were purchased at an average cost of $13.75 per share, with a total value of $100,375.00. Following the transaction, the chief executive officer now directly owns 75,532 shares of the company’s stock, valued at approximately $1,038,565. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Richard A. Kassar sold 15,125 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $15.26, for a total transaction of $230,807.50. Following the sale, the chief financial officer now directly owns 215,119 shares in the company, valued at $3,282,715.94. The disclosure for this sale can be found here. Insiders have sold a total of 35,125 shares of company stock worth $526,758 over the last three months. Insiders own 8.20% of the company’s stock.
Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in shares of Freshpet by 12.8% in the second quarter. Bank of New York Mellon Corp now owns 599,954 shares of the company’s stock valued at $9,960,000 after buying an additional 68,254 shares during the period. Rhumbline Advisers boosted its stake in shares of Freshpet by 6.9% in the second quarter. Rhumbline Advisers now owns 25,267 shares of the company’s stock worth $419,000 after buying an additional 1,640 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Freshpet by 0.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 68,936 shares of the company’s stock worth $1,145,000 after buying an additional 380 shares during the last quarter. Gilder Gagnon Howe & Co. LLC purchased a new stake in shares of Freshpet during the second quarter worth about $12,863,000. Finally, Emerald Mutual Fund Advisers Trust boosted its stake in shares of Freshpet by 60.5% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 421,819 shares of the company’s stock worth $7,002,000 after buying an additional 159,040 shares during the last quarter. 65.49% of the stock is currently owned by hedge funds and other institutional investors.
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Freshpet Company Profile
Freshpet, Inc is a manufacturer of fresh, refrigerated pet food distributed across North America. The Company operates in the segment of manufacturing, marketing and distribution of pet food and pet treats for dogs and cats. The Company’s products consist of dog food, cat food, and dog and cat treats.
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