Traeger (NYSE:COOK) Price Target Cut to $1.75 by Analysts at Telsey Advisory Group

Key Points

• Telsey Advisory Group has reduced its price target for Traeger (NYSE:COOK) from $2.00 to $1.75 while maintaining a "market perform" rating on the stock.
• Several analysts have lowered their price targets for Traeger, with an average consensus target price now at $2.41, indicating a hold rating overall from the research community.
• Insider activity shows CEO Jeremy Andrus purchased over 300,000 shares of the company, reflecting confidence in the stock despite recent price target cuts.

Traeger (NYSE:COOK - Get Free Report) had its price target decreased by equities researchers at Telsey Advisory Group from $2.00 to $1.75 in a note issued to investors on Thursday, Marketbeat reports. The firm currently has a "market perform" rating on the stock. Telsey Advisory Group's price objective points to a potential upside of 1.51% from the stock's current price.

Several other equities research analysts have also issued reports on the company. Canaccord Genuity Group decreased their target price on Traeger from $5.00 to $3.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. B. Riley reaffirmed a "buy" rating and set a $3.00 target price (down from $4.00) on shares of Traeger in a research report on Friday, May 2nd. Finally, Piper Sandler decreased their target price on Traeger from $2.50 to $2.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $2.41.

Traeger Price Performance

COOK opened at $1.72 on Thursday. The company has a debt-to-equity ratio of 1.43, a current ratio of 2.21 and a quick ratio of 1.09. The company has a market capitalization of $233.93 million, a price-to-earnings ratio of -7.50 and a beta of 1.46. The firm's fifty day moving average price is $1.78 and its two-hundred day moving average price is $1.83. Traeger has a 1 year low of $1.28 and a 1 year high of $3.97.

Insider Activity at Traeger

In other news, CEO Jeremy Andrus purchased 300,762 shares of the company's stock in a transaction dated Wednesday, June 4th. The shares were purchased at an average price of $1.34 per share, with a total value of $403,021.08. Following the transaction, the chief executive officer directly 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders acquired 730,387 shares of company stock worth $1,009,986. 14.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in COOK. Graham Capital Management L.P. purchased a new position 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 in the last quarter. 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 in the last quarter. Two Sigma Securities LLC purchased a new position 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 in the last quarter. 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.

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