Traeger (NYSE:COOK) Downgraded by B. Riley to “Neutral”

Traeger (NYSE:COOK) was downgraded by B. Riley from a “buy” rating to a “neutral” rating in a report released on Wednesday, Marketbeat Ratings reports. They currently have a $1.50 price objective on the stock, down from their prior price objective of $3.00. B. Riley’s price target would indicate a potential upside of 14.07% from the company’s previous close.

Several other research analysts have also issued reports on the stock. Canaccord Genuity Group reduced their target price on shares of Traeger from $5.00 to $3.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Royal Bank Of Canada cut their price objective on shares of Traeger from $1.50 to $1.25 and set a “sector perform” rating on the stock in a report on Thursday, August 7th. Telsey Advisory Group dropped their target price on shares of Traeger from $2.00 to $1.75 and set a “market perform” rating for the company in a research report on Thursday, August 7th. Piper Sandler cut their price target on Traeger from $2.50 to $2.00 and set a “neutral” rating on the stock in a research note on Friday, May 2nd. Finally, Wall Street Zen cut Traeger from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Traeger has an average rating of “Hold” and a consensus price target of $2.13.

Traeger Trading Down 3.3%

Shares of COOK opened at $1.32 on Wednesday. The stock’s fifty day simple moving average is $1.78 and its 200-day simple moving average is $1.78. The firm has a market capitalization of $178.70 million, a PE ratio of -4.87 and a beta of 1.46. Traeger has a 12-month low of $1.28 and a 12-month high of $3.97. The company has a quick ratio of 1.38, a current ratio of 2.92 and a debt-to-equity ratio of 1.45.

Insider Activity at Traeger

In other Traeger news, CEO Jeremy Andrus acquired 176,425 shares of the company’s stock in a transaction that occurred on Friday, June 6th. The shares were acquired at an average price of $1.46 per share, with a total value of $257,580.50. Following the purchase, the chief executive officer owned 14,228,779 shares of the company’s stock, valued at $20,774,017.34. This represents a 1.26% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders have acquired 730,387 shares of company stock valued at $1,009,986. 14.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Traeger

Several large investors have recently modified their holdings of the business. Millennium Management LLC lifted its holdings in shares of Traeger by 1.1% during the 4th quarter. Millennium Management LLC now owns 407,265 shares of the company’s stock valued at $973,000 after purchasing an additional 4,433 shares in the last quarter. Geode Capital Management LLC raised its holdings in Traeger by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 1,081,364 shares of the company’s stock worth $2,585,000 after buying an additional 4,445 shares during the period. Norden Group LLC lifted its stake in Traeger by 27.2% in the second quarter. Norden Group LLC now owns 23,350 shares of the company’s stock valued at $40,000 after buying an additional 5,000 shares in the last quarter. Barclays PLC boosted its holdings in shares of Traeger by 15.9% in the fourth quarter. Barclays PLC now owns 51,987 shares of the company’s stock valued at $124,000 after buying an additional 7,126 shares during the period. Finally, Bridgeway Capital Management LLC increased its position in shares of Traeger by 1.2% during the fourth quarter. Bridgeway Capital Management LLC now owns 650,725 shares of the company’s stock worth $1,555,000 after acquiring an additional 7,662 shares in the last quarter. 46.84% of the stock is currently owned by institutional investors.

Traeger Company Profile

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.