Telsey Advisory Group Lowers Traeger (NYSE:COOK) Price Target to $1.75

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 - Free Report) had its price target lowered by Telsey Advisory Group from $2.00 to $1.75 in a report issued on Thursday, MarketBeat.com reports. The firm currently has a market perform rating on the stock.

Several other equities analysts have also recently issued reports on COOK. Piper Sandler dropped their price target on Traeger from $2.50 to $2.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. B. Riley reaffirmed a "buy" rating and issued a $3.00 target price (down previously from $4.00) on shares of Traeger in a research note on Friday, May 2nd. Finally, Canaccord Genuity Group reduced their target price on Traeger from $5.00 to $3.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, Traeger has an average rating of "Hold" and an average price target of $2.31.

Traeger Trading Down 3.2%

COOK stock traded down $0.05 during midday trading on Thursday, hitting $1.37. 142,264 shares of the company's stock were exchanged, compared to its average volume of 293,054. Traeger has a 1-year low of $1.28 and a 1-year high of $3.97. The company has a current ratio of 2.92, a quick ratio of 1.38 and a debt-to-equity ratio of 1.45. The business has a 50-day simple moving average of $1.78 and a two-hundred day simple moving average of $1.80. The stock has a market capitalization of $185.22 million, a PE ratio of -5.06 and a beta of 1.46.

Insider Buying and Selling

In other news, CEO Jeremy Andrus purchased 176,425 shares of the business's stock in a transaction on Friday, June 6th. The stock was purchased at an average price of $1.46 per share, for a total transaction of $257,580.50. Following the completion of the purchase, the chief executive officer directly owned 14,228,779 shares in the company, valued at $20,774,017.34. The trade was a 1.26% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have purchased a total of 730,387 shares of company stock valued at $1,009,986 over the last ninety days. 14.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Traeger

Hedge funds have recently made changes to their positions in the stock. Drive Wealth Management LLC bought a new position in Traeger during the second quarter worth about $389,000. Norden Group LLC raised its stake in 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. Strs Ohio purchased a new position in shares of Traeger during the first quarter worth approximately $672,000. Empowered Funds LLC raised its stake in shares of Traeger by 9.3% during the first quarter. Empowered Funds LLC now owns 167,696 shares of the company's stock worth $282,000 after acquiring an additional 14,271 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of Traeger in the first quarter worth approximately $122,000. 46.84% of the stock is currently owned by institutional investors and hedge funds.

Traeger Company Profile

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.