Telsey Advisory Group Reiterates Market Perform Rating for Traeger (NYSE:COOK)

Key Points

• Telsey Advisory Group has reaffirmed its "market perform" rating for Traeger (NYSE:COOK) with a target price of $2.00, suggesting a potential upside of 21.88% from the current stock price.
• Recent changes to target prices include B. Riley's lowered target from $4.00 to $3.00, and Canaccord Genuity reducing theirs from $5.00 to $3.00, while Piper Sandler set a neutral rating with a target of $2.00.
• CEO Jeremy Andrus recently bought 176,425 shares at an average price of $1.46, indicating continued insider confidence in the stock.

Traeger (NYSE:COOK - Get Free Report)'s stock had its "market perform" rating reissued by equities research analysts at Telsey Advisory Group in a report issued on Thursday,Benzinga reports. They currently have a $2.00 price objective on the stock. Telsey Advisory Group's price target would indicate a potential upside of 29.45% from the stock's previous close.

A number of other brokerages have also issued reports on COOK. B. Riley reissued a "buy" rating and issued a $3.00 price objective (down previously from $4.00) on shares of Traeger in a report on Friday, May 2nd. Canaccord Genuity Group cut their price target 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. Finally, Piper Sandler decreased their price objective on Traeger from $2.50 to $2.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Traeger has a consensus rating of "Hold" and a consensus target price of $2.44.

Traeger Trading Down 4.6%

NYSE COOK traded down $0.08 on Thursday, reaching $1.55. 344,928 shares of the company were exchanged, compared to its average volume of 274,787. The company has a current ratio of 2.21, a quick ratio of 1.09 and a debt-to-equity ratio of 1.43. The business's fifty day moving average price is $1.76 and its 200 day moving average price is $1.84. The stock has a market capitalization of $209.64 million, a P/E ratio of -6.72 and a beta of 1.46. Traeger has a fifty-two week low of $1.28 and a fifty-two week high of $3.97.

Insider Activity

In other news, CEO Jeremy Andrus bought 176,425 shares of the company's stock in a transaction on Friday, June 6th. The stock was bought at an average cost of $1.46 per share, with a total value of $257,580.50. Following the transaction, 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders acquired 730,387 shares of company stock valued at $1,009,986. 14.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Traeger

Institutional investors have recently modified their holdings of the business. American Century Companies Inc. raised its position in Traeger by 8.3% in the 4th quarter. American Century Companies Inc. now owns 53,950 shares of the company's stock valued at $129,000 after purchasing an additional 4,153 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Traeger by 758.1% during the 4th quarter. JPMorgan Chase & Co. now owns 135,984 shares of the company's stock worth $325,000 after acquiring an additional 120,136 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Traeger by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 1,081,364 shares of the company's stock valued at $2,585,000 after purchasing an additional 4,445 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Traeger by 18.4% in the 4th quarter. Renaissance Technologies LLC now owns 248,196 shares of the company's stock valued at $593,000 after purchasing an additional 38,559 shares in the last quarter. Finally, Barclays PLC raised its stake in Traeger by 15.9% in the fourth quarter. Barclays PLC now owns 51,987 shares of the company's stock valued at $124,000 after buying an additional 7,126 shares in the last quarter. Institutional investors and hedge funds own 46.84% of the company's stock.

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.