Traeger (NYSE:COOK) Downgraded by Wall Street Zen to Sell

Key Points

• Traeger (NYSE:COOK) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating, amid several other analysts adjusting their price targets downwards.
• Traeger's current market capitalization is approximately $190.64 million, with a consensus rating of "Hold" and a target price of $2.31.
• CEO Jeremy Andrus recently purchased 176,425 shares of the company at an average price of $1.46, increasing his ownership stake in Traeger.

Traeger (NYSE:COOK - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday.

Several other research firms have also recently commented on COOK. Canaccord Genuity Group reduced their price target 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 reduced 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. Royal Bank Of Canada reduced their price objective on Traeger from $1.50 to $1.25 and set a "sector perform" rating for the company in a report on Thursday. B. Riley reaffirmed a "buy" rating and set a $3.00 price objective (down from $4.00) on shares of Traeger in a report on Friday, May 2nd. Finally, Piper Sandler reduced 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. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $2.31.

Traeger Stock Performance

Traeger stock traded down $0.06 during mid-day trading on Friday, reaching $1.36. 284,071 shares of the company were exchanged, compared to its average volume of 294,019. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.38 and a current ratio of 2.92. The firm's 50-day simple moving average is $1.78 and its two-hundred day simple moving average is $1.80. The firm has a market cap of $183.86 million, a PE ratio of -5.02 and a beta of 1.46. Traeger has a twelve month low of $1.28 and a twelve month high of $3.97.

Insiders Place Their Bets

In related news, CEO Jeremy Andrus purchased 300,762 shares of the company's stock in a transaction on Wednesday, June 4th. The stock was bought at an average price of $1.34 per share, with a total value of $403,021.08. Following the completion of the transaction, the chief executive officer owned 13,805,554 shares of the company's stock, valued at approximately $18,499,442.36. This represents a 2.23% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders acquired a total of 730,387 shares of company stock worth $1,009,986 over the last ninety days. Company insiders own 14.70% of the company's stock.

Institutional Investors Weigh In On Traeger

A number of hedge funds and other institutional investors have recently made changes to their positions in COOK. Graham Capital Management L.P. purchased a new stake in shares of Traeger in the fourth quarter valued at $37,000. Norden Group LLC grew its position in shares of 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 purchasing an additional 5,000 shares during the period. Two Sigma Advisers LP grew its position 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 purchasing an additional 21,500 shares during the period. Two Sigma Securities LLC purchased a new stake in shares of Traeger in the fourth quarter valued at $78,000. Finally, Bank of America Corp DE grew its position in shares of Traeger by 36.6% in the fourth quarter. Bank of America Corp DE now owns 33,314 shares of the company's stock valued at $80,000 after purchasing an additional 8,933 shares during the period. Hedge funds and other 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.