Drive Wealth Management LLC Takes Position in Traeger, Inc. (NYSE:COOK)

Drive Wealth Management LLC purchased a new position in Traeger, Inc. (NYSE:COOK) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 32,168 shares of the company’s stock, valued at approximately $118,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC bought a new position in shares of Traeger in the 2nd quarter worth about $52,000. Panagora Asset Management Inc. boosted its position in Traeger by 19.4% during the 2nd quarter. Panagora Asset Management Inc. now owns 182,484 shares of the company’s stock valued at $438,000 after purchasing an additional 29,694 shares during the period. SG Americas Securities LLC bought a new position in Traeger during the 1st quarter worth $27,000. Squarepoint Ops LLC increased its position in Traeger by 712.1% in the second quarter. Squarepoint Ops LLC now owns 85,713 shares of the company’s stock worth $206,000 after buying an additional 75,159 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in Traeger in the second quarter worth $345,000. 46.84% of the stock is owned by institutional investors and hedge funds.

Traeger Price Performance

NYSE:COOK opened at $2.84 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 2.09 and a debt-to-equity ratio of 1.42. The business’s 50-day moving average price is $3.31 and its 200 day moving average price is $2.85. Traeger, Inc. has a 52-week low of $1.97 and a 52-week high of $3.97. The firm has a market cap of $370.90 million, a P/E ratio of -7.10 and a beta of 1.25.

Traeger (NYSE:COOK) last released its earnings results on Wednesday, November 6th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). The business had revenue of $122.05 million during the quarter, compared to analyst estimates of $118.74 million. Traeger had a negative net margin of 8.53% and a negative return on equity of 10.57%. The business’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.16) earnings per share. As a group, sell-side analysts predict that Traeger, Inc. will post -0.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on COOK. Piper Sandler boosted their price target on shares of Traeger from $3.50 to $3.75 and gave the company a “neutral” rating in a report on Thursday, November 7th. Robert W. Baird boosted their target price on shares of Traeger from $2.50 to $3.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Telsey Advisory Group restated an “outperform” rating and issued a $4.00 target price on shares of Traeger in a research report on Thursday, November 7th. Canaccord Genuity Group raised their price target on Traeger from $6.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Royal Bank of Canada boosted their price target on shares of Traeger from $2.50 to $2.75 and gave the stock a “sector perform” rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.00.

Traeger 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.