In mid-2015, shares of Freshpet (FRPT) - Get Report nearly traded to $25, but have since been on a cascading path lower, now trading around $8.50. With the company set to report earnings on Tuesday after the close, investors are hoping the stock can start its climb back to those previous levels.

Right now, Freshpet is mostly a takeout play - or at least, that's what investors are hoping for, according to TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio.

Speaking from the floor of the New York Stock Exchange Monday, Cramer said that instead of hoping for a Freshpet takeout, investors should consider other stocks within the pet industry.

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Zoetis (ZTS) - Get Report is a solid alternative, while Idexx Labs (IDXX) - Get Report is "very, very good," Cramer concluded.

Analysts expect the company to lose one penny per share on $35.57 million in revenue.

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.