Traeger (NYSE:COOK) Shares Cross Above 200-Day Moving Average - Here's Why

Key Points

• Traeger shares rose 5.8%, trading above their 200-day moving average of $51.02 and reaching an intraday high of $52.26.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with a $50.50 price target, despite targets ranging from $43 to $77.
• Traeger reported quarterly adjusted EPS of $0.53, well above the expected loss of $1.57, but revenue of $120.16 million fell short of the $133.20 million estimate; analysts expect a full-year loss of $0.30 per share.

Traeger, Inc. (NYSE:COOK - Get Free Report) shares passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $51.02 and traded as high as $52.26. Traeger shares last traded at $51.7490, with a volume of 165,913 shares trading hands.

Analysts Set New Price Targets

COOK has been the topic of a number of recent research reports. Telsey Advisory Group upped their target price on Traeger from $45.00 to $65.00 and gave the company a "market perform" rating in a research report on Thursday, August 6th. Canaccord Genuity Group set a $77.00 target price on Traeger and gave the company a "buy" rating in a research report on Thursday, August 6th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Traeger in a report on Friday, September 4th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $43.00 target price (up from $37.50) on shares of Traeger in a research report on Friday, August 7th. Finally, Zacks Research cut Traeger from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $50.50.

Traeger Stock Up 5.8%

The firm's 50 day simple moving average is $49.89 and its 200-day simple moving average is $51.02. The company has a market cap of $144.90 million, a price-to-earnings ratio of -1.23 and a beta of 1.93. The company has a debt-to-equity ratio of 2.39, a current ratio of 3.49 and a quick ratio of 2.29.

Traeger (NYSE:COOK - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.53 EPS for the quarter, topping analysts' consensus estimates of ($1.57) by $2.10. Traeger had a negative return on equity of 13.76% and a negative net margin of 23.23%. The business had revenue of $120.16 million for the quarter, compared to analysts' expectations of $133.20 million. As a group, sell-side analysts anticipate that Traeger, Inc. will post -0.30 earnings per share for the current year.

Insider Transactions at Traeger

In other Traeger news, insider Cole VandenAkker sold 2,750 shares of the company's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $55.30, for a total value of $152,075.00. Following the sale, the insider owned 23,913 shares of the company's stock, valued at $1,322,388.90. This represents a 10.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 16.20% of the company's stock.

Hedge Funds Weigh In On Traeger

An institutional investor recently bought a new stake in Traeger stock. Caz Investments LP bought a new stake in Traeger, Inc. (NYSE:COOK - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 600 shares of the company's stock, valued at approximately $47,000. Hedge funds and other institutional investors own 46.84% of the company's stock.

About Traeger

Traeger, Inc designs, manufactures and sells outdoor cooking products under the Traeger brand. The company is best known for its wood-pellet grills, which use automated temperature controls and hardwood pellets to provide wood-fired cooking. Its product portfolio also includes gas and charcoal grills, portable grills, pizza ovens, smokers and related outdoor cooking equipment.

In addition to grills, Traeger offers wood pellets, rubs, sauces, marinades, cookware, replacement parts and other accessories.

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