Traeger (NYSE:COOK) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Traeger (NYSE:COOK) had its target price lifted by equities research analysts at Canaccord Genuity Group from $6.00 to $7.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 122.93% from the company’s current price.

A number of other equities research analysts have also weighed in on COOK. Telsey Advisory Group restated an “outperform” rating and set a $4.00 price objective on shares of Traeger in a research note on Thursday. Robert W. Baird raised their price objective on Traeger from $2.50 to $3.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Royal Bank of Canada raised their price objective on Traeger from $2.00 to $2.50 and gave the company a “sector perform” rating in a research note on Thursday, August 8th. Finally, Piper Sandler raised their price objective on Traeger from $3.50 to $3.75 and gave the company a “neutral” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Traeger currently has a consensus rating of “Hold” and a consensus price target of $3.83.

Traeger Price Performance

COOK stock opened at $3.14 on Thursday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.21 and a current ratio of 2.04. Traeger has a 1 year low of $1.97 and a 1 year high of $3.97. The firm has a market cap of $406.54 million, a P/E ratio of -7.66 and a beta of 1.25. The stock has a 50-day simple moving average of $3.37 and a 200-day simple moving average of $2.80.

Traeger (NYSE:COOK) last posted its earnings results on Tuesday, August 6th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. Traeger had a negative return on equity of 12.65% and a negative net margin of 8.50%. The business had revenue of $168.47 million during the quarter, compared to analyst estimates of $168.07 million. During the same quarter last year, the firm earned ($0.23) earnings per share. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, equities analysts predict that Traeger will post -0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. SG Americas Securities LLC bought a new position in Traeger during the 1st quarter worth approximately $27,000. AQR Capital Management LLC acquired a new position in Traeger during the 2nd quarter valued at approximately $52,000. Norden Group LLC acquired a new position in Traeger during the 1st quarter valued at approximately $59,000. Drive Wealth Management LLC acquired a new position in Traeger during the 3rd quarter valued at approximately $118,000. Finally, Squarepoint Ops LLC boosted its position in Traeger by 712.1% during the 2nd quarter. Squarepoint Ops LLC now owns 85,713 shares of the company’s stock valued at $206,000 after purchasing an additional 75,159 shares during the period. 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.