Traeger (NYSE:COOK) Downgraded to "Neutral" Rating by B. Riley

Key Points

• B. Riley downgraded Traeger (NYSE:COOK) from a "buy" to a "neutral" rating, with a new target price of $1.50, down from $3.00.
• Insider buying has increased, with CEO Jeremy Andrus purchasing over 300,000 shares recently, raising his ownership stake.
• The consensus rating for Traeger remains "Hold," with an average target price of $2.13 after several analysts adjusted their target prices downward.

Traeger (NYSE:COOK - Get Free Report) was downgraded by stock analysts at B. Riley from a "buy" rating to a "neutral" rating in a research note issued on Wednesday, Marketbeat Ratings reports. They currently have a $1.50 price target on the stock, down from their previous price target of $3.00. B. Riley's price objective points to a potential upside of 13.21% from the company's current price.

A number of other equities research analysts also recently weighed in on COOK. Piper Sandler reduced their price target on shares of Traeger from $2.50 to $2.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Wall Street Zen downgraded shares of Traeger from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Royal Bank Of Canada dropped their price objective on shares of Traeger from $1.50 to $1.25 and set a "sector perform" rating for the company in a report on Thursday, August 7th. Telsey Advisory Group dropped their price objective on shares of Traeger from $2.00 to $1.75 and set a "market perform" rating for the company in a report on Thursday, August 7th. Finally, Canaccord Genuity Group dropped their price objective 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. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $2.13.

Traeger Price Performance

Shares of COOK traded up $0.03 during mid-day trading on Wednesday, reaching $1.33. The company had a trading volume of 494,490 shares, compared to its average volume of 269,428. The company's 50 day simple moving average is $1.77 and its 200 day simple moving average is $1.77. Traeger has a 1-year low of $1.28 and a 1-year high of $3.97. 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 company has a market capitalization of $180.05 million, a price-to-earnings ratio of -4.91 and a beta of 1.46.

Insider Transactions at Traeger

In other news, CEO Jeremy Andrus purchased 300,762 shares of the stock in a transaction on Wednesday, June 4th. The stock was purchased at an average price of $1.34 per share, for a total transaction of $403,021.08. Following the acquisition, the chief executive officer owned 13,805,554 shares in the company, valued at $18,499,442.36. This trade represents a 2.23% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have purchased 730,387 shares of company stock worth $1,009,986. 14.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Graham Capital Management L.P. bought a new position in Traeger during the 4th quarter worth approximately $37,000. Norden Group LLC grew its position 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 buying an additional 5,000 shares during the period. Two Sigma Advisers LP grew its position in shares of Traeger by 202.8% during the 4th quarter. Two Sigma Advisers LP now owns 32,100 shares of the company's stock worth $77,000 after buying an additional 21,500 shares during the period. Two Sigma Securities LLC acquired a new stake in shares of Traeger during the 4th quarter worth approximately $78,000. Finally, XTX Topco Ltd acquired a new stake in shares of Traeger during the 2nd quarter worth approximately $57,000. 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.