Traeger (NYSE:COOK) Upgraded at Piper Sandler

Piper Sandler upgraded shares of Traeger (NYSE:COOK) from a hold rating to a strong-buy rating in a research note released on Wednesday, Zacks.com reports.

Other analysts also recently issued research reports about the company. Royal Bank of Canada lifted their target price on Traeger from $2.00 to $2.50 and gave the company a sector perform rating in a research note on Thursday. Robert W. Baird raised their target price on shares of Traeger from $2.50 to $3.00 and gave the company a neutral rating in a report on Wednesday. Finally, Telsey Advisory Group reaffirmed an outperform rating and issued a $4.00 price objective on shares of Traeger in a research note on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Traeger has an average rating of Moderate Buy and an average price target of $3.30.

Traeger Stock Up 0.4 %

Traeger stock opened at $2.75 on Wednesday. Traeger has a 12 month low of $1.97 and a 12 month high of $5.91. The stock has a fifty day simple moving average of $2.40 and a two-hundred day simple moving average of $2.30. The company has a current ratio of 1.74, a quick ratio of 0.99 and a debt-to-equity ratio of 1.35. The firm has a market cap of $354.39 million, a price-to-earnings ratio of -4.17 and a beta of 1.15.

Traeger (NYSE:COOK) last announced its earnings results on Tuesday, August 6th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.02. Traeger had a negative return on equity of 22.43% and a negative net margin of 13.54%. The business had revenue of $168.47 million for the quarter, compared to analysts’ expectations of $168.07 million. During the same period last year, the firm posted ($0.23) earnings per share. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. Equities analysts predict that Traeger will post -0.21 EPS for the current fiscal year.

Insider Activity at Traeger

In related news, CEO Jeremy Andrus acquired 165,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were purchased at an average price of $2.17 per share, for a total transaction of $358,050.00. Following the completion of the acquisition, the chief executive officer now directly owns 7,428,887 shares in the company, valued at approximately $16,120,684.79. The transaction was disclosed in a document filed with the SEC, which is available through this link. 9.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Traeger

A number of hedge funds and other institutional investors have recently made changes to their positions in COOK. Victory Capital Management Inc. purchased a new position in shares of Traeger in the 4th quarter valued at about $28,000. Panagora Asset Management Inc. increased its position in shares of Traeger by 28.8% during the 4th quarter. Panagora Asset Management Inc. now owns 153,761 shares of the company’s stock worth $420,000 after purchasing an additional 34,344 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its position in Traeger by 96.3% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 28,643 shares of the company’s stock valued at $78,000 after purchasing an additional 14,054 shares during the period. Glendon Capital Management LP boosted its position in Traeger by 223.8% in the 4th quarter. Glendon Capital Management LP now owns 1,165,546 shares of the company’s stock valued at $3,182,000 after buying an additional 805,546 shares during the period. Finally, Capital World Investors increased its stake in shares of Traeger by 4.9% during the fourth quarter. Capital World Investors now owns 6,499,660 shares of the company’s stock worth $17,744,000 after buying an additional 304,660 shares during the period. Institutional investors and hedge funds own 46.84% of the company’s stock.

About Traeger

Traeger, Inc, together with its subsidiaries, designs, sources, sells, and supports wood pellet fueled barbecue grills for retailers, distributors, and direct to consumers in the United States. Its wood pellet grills are internet of things devices that allow owners to program, monitor, and control their grill through its Traeger app.