Canaccord Genuity Group Cuts Traeger (NYSE:COOK) Price Target to $3.00

Traeger (NYSE:COOK) had its target price lowered by Canaccord Genuity Group from $5.00 to $3.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages also recently commented on COOK. UBS Group set a $2.50 target price on Traeger in a research note on Friday, March 7th. Robert W. Baird lowered their price objective on shares of Traeger from $3.50 to $2.50 and set a “neutral” rating for the company in a research report on Friday, March 7th. Morgan Stanley cut their target price on shares of Traeger from $3.00 to $2.50 and set an “underweight” rating on the stock in a research report on Friday, March 7th. Piper Sandler decreased their target price on shares of Traeger from $3.75 to $2.50 and set a “neutral” rating on the stock in a research note on Friday, March 7th. Finally, Royal Bank of Canada dropped their price target on Traeger from $2.75 to $2.00 and set a “sector perform” rating for the company in a research note on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $2.50.

Traeger Price Performance

Shares of NYSE:COOK opened at $1.51 on Tuesday. The company has a current ratio of 2.09, a quick ratio of 1.08 and a debt-to-equity ratio of 1.42. The stock has a market capitalization of $196.63 million, a PE ratio of -3.76 and a beta of 1.42. The firm has a 50 day moving average of $1.71 and a 200-day moving average of $2.40. Traeger has a 12 month low of $1.32 and a 12 month high of $3.97.

Traeger (NYSE:COOK) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.03). Traeger had a negative net margin of 8.53% and a negative return on equity of 10.57%. On average, equities research analysts predict that Traeger will post -0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Traeger

A number of hedge funds have recently modified their holdings of the business. Graham Capital Management L.P. acquired a new stake in Traeger in the fourth quarter valued at $37,000. Two Sigma Advisers LP increased its stake in shares of Traeger by 202.8% in the fourth quarter. Two Sigma Advisers LP now owns 32,100 shares of the company’s stock valued at $77,000 after buying an additional 21,500 shares during the period. Two Sigma Securities LLC acquired a new stake in shares of Traeger in the fourth quarter valued at about $78,000. Bank of America Corp DE raised its position in shares of Traeger by 36.6% during the fourth quarter. Bank of America Corp DE now owns 33,314 shares of the company’s stock worth $80,000 after acquiring an additional 8,933 shares during the last quarter. Finally, Deutsche Bank AG lifted its stake in shares of Traeger by 231.8% in the fourth quarter. Deutsche Bank AG now owns 41,344 shares of the company’s stock worth $99,000 after acquiring an additional 28,883 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.