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 target price cut by analysts at Royal Bank Of Canada from $1.50 to $1.25 in a report issued on Thursday,Benzinga reports. The brokerage presently has a "sector perform" rating on the stock. Royal Bank Of Canada's price target indicates a potential downside of 11.66% from the company's current price.

COOK has been the subject of a number of other research reports. Canaccord Genuity Group dropped their target price on shares of Traeger from $5.00 to $3.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Piper Sandler reduced their price target on shares of Traeger from $2.50 to $2.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Telsey Advisory Group reduced their price target 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. Finally, B. Riley reissued a "buy" rating and issued a $3.00 price target (down from $4.00) on shares of Traeger in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, Traeger has an average rating of "Hold" and an average target price of $2.31.

Traeger Stock Performance

Shares of NYSE COOK traded down $0.29 during mid-day trading on Thursday, reaching $1.42. 370,872 shares of the company were exchanged, compared to its average volume of 292,259. Traeger has a twelve month low of $1.28 and a twelve month high of $3.97. The company's 50-day simple moving average is $1.78 and its 200-day simple moving average is $1.83. The company has a quick ratio of 1.09, a current ratio of 2.21 and a debt-to-equity ratio of 1.43. The stock has a market capitalization of $192.00 million, a P/E ratio of -6.15 and a beta of 1.46.

Insider Buying and Selling

In other Traeger news, CEO Jeremy Andrus bought 300,762 shares of the firm's stock in a transaction on Wednesday, June 4th. The shares were acquired at an average cost of $1.34 per share, for a total transaction of $403,021.08. Following the purchase, the chief executive officer directly owned 13,805,554 shares of the company's stock, valued at $18,499,442.36. The trade was a 2.23% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have acquired 730,387 shares of company stock valued at $1,009,986. 14.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Graham Capital Management L.P. purchased a new position in Traeger in the 4th quarter worth approximately $37,000. Norden Group LLC grew its holdings in shares of Traeger by 27.2% during the 2nd quarter. Norden Group LLC now owns 23,350 shares of the company's stock worth $40,000 after acquiring an additional 5,000 shares during the period. Two Sigma Advisers LP grew its stake in Traeger by 202.8% in the fourth 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 period. Two Sigma Securities LLC bought a new position in shares of Traeger in the 4th quarter worth about $78,000. Finally, Bank of America Corp DE grew its stake in shares of 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 buying an additional 8,933 shares during the last quarter. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.