Royal Bank Of Canada Issues Pessimistic Forecast for Traeger (NYSE:COOK) Stock Price

Key Points

• Royal Bank of Canada has lowered its price target for Traeger (NYSE:COOK) from $1.50 to $1.25, indicating a potential downside of 11.66% from the current stock price.
• Several other analysts have also cut their targets for Traeger, with an average rating of "Hold" and a target price of $2.31.
• CEO Jeremy Andrus has purchased 300,762 shares of Traeger stock at an average price of $1.34, increasing his ownership significantly.

Traeger (NYSE:COOK - Get Free Report) had its price objective lowered by research analysts at Royal Bank Of Canada from $1.50 to $1.25 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a "sector perform" rating on the stock. Royal Bank Of Canada's target price would suggest a potential downside of 7.75% from the stock's current price.

COOK has been the subject of several other research reports. Piper Sandler cut their price objective on Traeger from $2.50 to $2.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Canaccord Genuity Group cut their price objective on Traeger from $5.00 to $3.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Telsey Advisory Group cut their price objective on Traeger from $2.00 to $1.75 and set a "market perform" rating for the company in a report on Thursday. Finally, B. Riley reaffirmed a "buy" rating and set a $3.00 target price (down from $4.00) on shares of Traeger in a report on Friday, May 2nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $2.31.

Traeger Price Performance

Shares of Traeger stock traded down $0.06 during trading on Thursday, hitting $1.36. The stock had a trading volume of 284,071 shares, compared to its average volume of 278,822. The company has a debt-to-equity ratio of 1.45, a current ratio of 2.92 and a quick ratio of 1.38. The firm has a market cap of $184.13 million, a P/E ratio of -5.02 and a beta of 1.46. The business has a fifty day moving average of $1.78 and a two-hundred day moving average of $1.79. Traeger has a fifty-two week low of $1.28 and a fifty-two week high of $3.97.

Insider Activity at Traeger

In related news, CEO Jeremy Andrus bought 176,425 shares of Traeger stock in a transaction dated Friday, June 6th. The stock was acquired at an average cost of $1.46 per share, with a total value of $257,580.50. Following the completion of the acquisition, the chief executive officer directly owned 14,228,779 shares in the company, valued at approximately $20,774,017.34. This trade represents a 1.26% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders acquired 730,387 shares of company stock worth $1,009,986 over the last three months. Corporate insiders own 14.70% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of COOK. Graham Capital Management L.P. acquired a new position in Traeger in the 4th quarter worth about $37,000. Norden Group LLC increased its position in Traeger by 27.2% in the 2nd quarter. Norden Group LLC now owns 23,350 shares of the company's stock worth $40,000 after purchasing an additional 5,000 shares during the last quarter. Two Sigma Advisers LP increased its position in Traeger by 202.8% in the 4th quarter. Two Sigma Advisers LP now owns 32,100 shares of the company's stock worth $77,000 after purchasing an additional 21,500 shares during the last quarter. Two Sigma Securities LLC acquired a new position in Traeger in the 4th quarter worth about $78,000. Finally, Bank of America Corp DE increased its position in Traeger by 36.6% in the 4th quarter. Bank of America Corp DE now owns 33,314 shares of the company's stock worth $80,000 after purchasing an additional 8,933 shares during the last quarter. 46.84% of the stock is owned by institutional investors and hedge funds.

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.