In a report released today, Rupesh Parikh from Oppenheimer reiterated a Hold rating on Freshpet (NASDAQ: FRPT). The company’s shares closed on Friday at $29.10, close to its 52-week high of $30.20.
Parikh observed:
“FRPT has meaningfully outperformed YTD with the shares up 50% vs. a 5% gain in the S&P 500. In today’s piece, we spent time updating our views on the story. We continue to look very favorably upon the company’s offering, competitive position, and management team. However, we still view valuation as an impediment to putting new money to work at these levels. In contrast to our more balanced views to start the year, we are more confident in the company’s ability to lap the difficult comparisons and sustain top-line momentum. We have been incorrect remaining on the sidelines and are closely watching management’s ability to translate sales growth to EBITDA dollars, which could drive shares closer to a high-$30s level in more of a bullish scenario.”
According to TipRanks.com, Parikh is a 5-star analyst with an average return of 15.9% and a 61.7% success rate. Parikh covers the Services sector, focusing on stocks such as Blue Apron Holdings Inc, United Natural Foods, and Wal-Mart Stores Inc.
The word on The Street in general, suggests a Hold analyst consensus rating for Freshpet with a $19 average price target.
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The company has a one-year high of $30.20 and a one-year low of $14.10. Currently, Freshpet has an average volume of 269.1K.
Based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is negative on the stock.
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Freshpet, Inc. engaged in the manufacturing, marketing, and distribution of pet food and pet treats for dogs and cats. Its products are sold throughout the United States and in Canada under the Freshpet Select, Vital, and Nature’s Fresh brands. The company was founded by Scott Morris and Cathal Walsh in October 2006 and is headquartered in Secaucus, NJ.
