Granite Investment Partners LLC Has $11.70 Million Position in Freshpet, Inc. $FRPT

Granite Investment Partners LLC cut its stake in shares of Freshpet, Inc. (NASDAQ:FRPT) by 20.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 212,326 shares of the company’s stock after selling 54,456 shares during the quarter. Granite Investment Partners LLC owned approximately 0.44% of Freshpet worth $11,701,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FRPT. Royal Bank of Canada boosted its position in shares of Freshpet by 86.3% during the 1st quarter. Royal Bank of Canada now owns 67,623 shares of the company’s stock worth $5,624,000 after purchasing an additional 31,334 shares in the last quarter. Jones Financial Companies Lllp raised its stake in Freshpet by 734.1% during the 1st quarter. Jones Financial Companies Lllp now owns 1,810 shares of the company’s stock worth $151,000 after buying an additional 1,593 shares during the period. United Services Automobile Association bought a new position in Freshpet in the first quarter worth approximately $247,000. Vanguard Personalized Indexing Management LLC acquired a new stake in Freshpet in the second quarter valued at approximately $232,000. Finally, Ethic Inc. grew its stake in Freshpet by 40.8% in the second quarter. Ethic Inc. now owns 3,690 shares of the company’s stock valued at $252,000 after acquiring an additional 1,069 shares during the period.

Freshpet Stock Performance

NASDAQ FRPT opened at $74.51 on Monday. The company has a fifty day moving average price of $66.55 and a 200-day moving average price of $59.52. The firm has a market cap of $3.64 billion, a price-to-earnings ratio of 32.54, a PEG ratio of 1.78 and a beta of 1.72. The company has a debt-to-equity ratio of 0.36, a current ratio of 5.52 and a quick ratio of 4.61. Freshpet, Inc. has a 1 year low of $46.76 and a 1 year high of $111.62.

Insider Buying and Selling

In other Freshpet news, President Scott James Morris sold 5,142 shares of Freshpet stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $62.33, for a total transaction of $320,500.86. Following the transaction, the president owned 30,858 shares of the company’s stock, valued at $1,923,379.14. This trade represents a 14.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.43% of the company’s stock.

Wall Street Analyst Weigh In

FRPT has been the topic of a number of recent research reports. Jefferies Financial Group reiterated a “hold” rating and issued a $56.00 target price on shares of Freshpet in a report on Tuesday, November 4th. Piper Sandler upped their price objective on shares of Freshpet from $80.00 to $87.00 and gave the stock an “overweight” rating in a report on Wednesday, February 4th. UBS Group set a $48.00 price objective on shares of Freshpet and gave the company a “sell” rating in a report on Tuesday, November 4th. Wells Fargo & Company upped their target price on shares of Freshpet from $70.00 to $82.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. Finally, DA Davidson dropped their price target on shares of Freshpet from $101.00 to $83.00 and set a “buy” rating on the stock in a research report on Tuesday, November 4th. Six research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $73.60.

About Freshpet

Freshpet Inc (NASDAQ: FRPT) is a leading pet food company specializing in fresh, refrigerated meals and treats for dogs and cats. The company’s products are formulated with carefully selected, natural ingredients and are designed to offer a higher level of nutrition and freshness than traditional dry or canned pet foods. Freshpet’s offerings include refrigerated rolls, pâtés and snacks, all of which are sold through the refrigerated section of grocery, mass-market and pet specialty stores.

Freshpet’s product portfolio is built around the concept of fresh, minimally processed recipes that do not require preservatives or artificial colors.