Shares of pet food maker Freshpet (NASDAQ:FRPT) are tumbling today after it announced a mixed set of second-quarter numbers. While revenue rose 25.5% year-over-year to $183.3 million, the figure still landed lower than expectations by about $1.4 million. Net loss per share at $0.35 though outperformed estimates by $0.06.
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The Q2 sales uptick was driven by higher volumes as well as pricing. Further, the company is also witnessing gains in household penetration as well as fridge placements.
Add to this, Freshpet also boosted its financial outlook on the back of an improving operating performance driven by lower logistics costs. For the full-year 2023, the company expects net sales at about $750 million, pointing to a 26% rise over the past year. Adjusted EBITDA is now anticipated at $55 million versus prior guidance of $50 million.
Overall, the Street has a $75.75 consensus price target on Freshpet alongside a Strong Buy consensus rating. While shares of the company have gained nearly 37% over the past year, short interest in the stock is now inching upward of 17.5%.
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