JPMorgan Chase & Co. Purchases 513,491 Shares of Freshpet, Inc. (NASDAQ:FRPT)

Posted by on Jun 7th, 2023

JPMorgan Chase & Co. increased its stake in shares of Freshpet, Inc. (NASDAQ:FRPT – Get Rating) by 46.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,616,430 shares of the company’s stock after buying an additional 513,491 shares during the quarter. JPMorgan Chase & Co. owned 3.37% of Freshpet worth $85,299,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FRPT. Parkside Financial Bank & Trust increased its stake in shares of Freshpet by 873.8% in the 1st quarter. Parkside Financial Bank & Trust now owns 818 shares of the company’s stock valued at $84,000 after buying an additional 734 shares during the period. Point72 Hong Kong Ltd bought a new position in Freshpet during the first quarter worth about $143,000. Harvest Fund Management Co. Ltd lifted its holdings in shares of Freshpet by 25.4% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 1,421 shares of the company’s stock valued at $54,000 after purchasing an additional 288 shares in the last quarter. Prudential Financial Inc. lifted its holdings in shares of Freshpet by 51.1% in the first quarter. Prudential Financial Inc. now owns 2,111 shares of the company’s stock valued at $217,000 after purchasing an additional 714 shares in the last quarter. Finally, Captrust Financial Advisors increased its position in shares of Freshpet by 38.1% in the first quarter. Captrust Financial Advisors now owns 2,533 shares of the company’s stock valued at $260,000 after acquiring an additional 699 shares during the last quarter.

Freshpet Price Performance

NASDAQ FRPT opened at $64.33 on Wednesday. Freshpet, Inc. has a fifty-two week low of $36.02 and a fifty-two week high of $73.48. The company has a debt-to-equity ratio of 0.41, a quick ratio of 8.02 and a current ratio of 9.21. The business has a fifty day moving average price of $65.82 and a two-hundred day moving average price of $62.15.

Freshpet (NASDAQ:FRPT – Get Rating) last announced its quarterly earnings results on Monday, May 8th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.12). Freshpet had a negative net margin of 10.58% and a negative return on equity of 6.60%. The firm had revenue of $167.50 million during the quarter, compared to the consensus estimate of $166.97 million. During the same quarter in the previous year, the company posted ($0.40) earnings per share. The firm’s revenue was up 26.7% on a year-over-year basis. As a group, research analysts anticipate that Freshpet, Inc. will post -0.97 EPS for the current year.

Insider Activity

In related news, Director Cathal Walsh sold 6,277 shares of the stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $70.10, for a total value of $440,017.70. Following the completion of the sale, the director now directly owns 5,234 shares in the company, valued at $366,903.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 5.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

FRPT has been the topic of a number of recent analyst reports. Benchmark reissued a “buy” rating and set a $100.00 price target on shares of Freshpet in a research report on Tuesday, February 28th. Credit Suisse Group upped their target price on Freshpet from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Tuesday, February 28th. VNET Group reaffirmed a “maintains” rating on shares of Freshpet in a research report on Friday, May 5th. Truist Financial upped their target price on Freshpet from $40.00 to $55.00 and gave the company a “hold” rating in a research report on Tuesday, February 28th. Finally, Robert W. Baird upped their target price on Freshpet from $75.00 to $80.00 in a research report on Tuesday, May 9th. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $76.31.

About Freshpet

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Freshpet, Inc engages in manufacturing, marketing, and distribution of pet food and pet treats for dogs and cats. Its products are blends of fresh meats, vegetables and fruits farmed locally and made at Freshpet kitchens. Its products include Deli Fresh Grain Free Chicken Recipe for Dogs, Joy Turkey and Apple Bites Treats, Nature’s Fresh Grain Free Chicken Recipe for Cats, and Vital Grain Free Chicken and Ocean Whitefish Recipe for Cats.

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Institutional Ownership by Quarter for Freshpet (NASDAQ:FRPT)

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