Fresh Dog Food: 76% stock after run
Fresh peas (FRPT) is Thursday’s pick for IBD 50 Growth Stocks Watch, as the pet food maker is currently sitting at a base and above its closely watched moving average. After years of losses, estimates call for Freshpet stock to turn a profit in fiscal 2024.
of IBD 50 The stock ranks No. 1 out of 33 in the packaged food group, which recently fell to 140 out of 197 industry groups tracked by IBD.
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The stock rose for three straight days on Thursday, retracing its 10-week moving average. In the year After rising 76% in 2024, Freshpet shares have gained 4% so far in January.
Freshpet prepares stock for further movement.
The premium pet food company offers frozen dog and cat food, available in select grocery and pet stores, as well as club retailers throughout the US, Canada, Europe and online. Freshpet prides itself on using locally sourced natural ingredients whenever possible.
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Shares are on a flat base with a buy point of 160.91 MarketSurge pattern recognition. The buy point is also at a 52-week high. Freshpet inventory is at levels not seen since November 2021.
Freshpet stock rose 12.6 percent following the company’s better-than-expected growth. Revenues and sales For the third quarter report on November 4. The stock maintains a relative strength rating of 90.
Freshpet Dog Food Profit Estimates Pop
Freshpets reported earnings of 24 cents a share in the third quarter, compared with a loss of 15 cents a share in the same period in 2023.
The dog food maker raised its full-year 2024 net sales outlook to around $975 million in its third-quarter earnings report.
Third quarter gross margin increased to 40.4 percent from 33 percent last year.
Forecasts call for earnings of 91-cents a share for 2024, after a loss of 62 cents a share in 2023, followed by earnings of $1.52 a share in 2025.
Sales growth results, forecasts
Over the past seven quarters, its sales have grown consistently at an average of 29 percent quarterly. Forecasts show average revenue growth of 24% over the next four quarters.
The mutual fund has increased its holdings of 70% of the stock and the dog food stock for six straight quarters, owning 618 shares in December, 612 in September and 583 in June.
Four of the top-performing names in the IBD mutual fund index, including Lord Abeth’s Growth Fund (Freshpet Stock)LAGWX).
Follow Kimberley Koenig on X/Twitter for more stock market news. @IBD_KKoenig.
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