Renaissance Technologies LLC Invests $8.90 Million in Freshpet, Inc. (NASDAQ:FRPT)

Renaissance Technologies LLC purchased a new stake in Freshpet, Inc. (NASDAQ:FRPT) during the 2nd quarter, HoldingsChannel reports. The fund purchased 68,796 shares of the company’s stock, valued at approximately $8,902,000.

Other institutional investors also recently modified their holdings of the company. Johnson Financial Group Inc. purchased a new position in Freshpet in the 4th quarter valued at approximately $29,000. GAMMA Investing LLC boosted its holdings in shares of Freshpet by 100.8% in the first quarter. GAMMA Investing LLC now owns 263 shares of the company’s stock worth $30,000 after acquiring an additional 132 shares during the period. ORG Partners LLC purchased a new position in shares of Freshpet in the second quarter valued at $32,000. Quarry LP bought a new stake in shares of Freshpet during the 4th quarter valued at $40,000. Finally, Whittier Trust Co. purchased a new stake in Freshpet during the 1st quarter worth about $41,000.

Analyst Ratings Changes

A number of research firms have weighed in on FRPT. TD Cowen lifted their target price on Freshpet from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Wells Fargo & Company boosted their price objective on shares of Freshpet from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday, July 10th. Bank of America increased their target price on shares of Freshpet from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Piper Sandler restated an “overweight” rating and set a $150.00 price target on shares of Freshpet in a research report on Tuesday, July 2nd. Finally, Citigroup increased their price objective on Freshpet from $124.00 to $129.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Freshpet has an average rating of “Moderate Buy” and a consensus price target of $142.87.

Freshpet Stock Up 0.3 %

Shares of FRPT opened at $140.44 on Wednesday. The firm has a market cap of $6.80 billion, a P/E ratio of 780.22 and a beta of 1.39. Freshpet, Inc. has a 1 year low of $54.60 and a 1 year high of $144.38. The stock has a 50 day simple moving average of $130.94 and a two-hundred day simple moving average of $124.00. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.50 and a quick ratio of 3.69.

Freshpet (NASDAQ:FRPT) last announced its quarterly earnings data on Monday, August 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.06. The company had revenue of $235.30 million during the quarter, compared to analysts’ expectations of $230.99 million. Freshpet had a net margin of 2.86% and a return on equity of 1.78%. The firm’s revenue was up 28.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.35) EPS. On average, analysts forecast that Freshpet, Inc. will post 0.72 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Stephen Macchiaverna sold 2,178 shares of the stock in a transaction dated 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 directly owns 86,039 shares in the company, valued at approximately $12,046,320.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.60% of the company’s stock.

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.