Short Interest in Traeger, Inc. (NYSE:COOK) Drops By 6.1%

Traeger, Inc. (NYSE:COOK) saw a significant drop in short interest in October. As of October 15th, there was short interest totalling 1,530,000 shares, a drop of 6.1% from the September 30th total of 1,630,000 shares. Currently, 2.7% of the company’s stock are sold short. Based on an average trading volume of 263,900 shares, the short-interest ratio is presently 5.8 days.

Analyst Ratings Changes

Several research analysts recently weighed in on COOK shares. Royal Bank of Canada upped their target price on shares of Traeger from $2.00 to $2.50 and gave the stock a “sector perform” rating in a report on Thursday, August 8th. Piper Sandler raised Traeger from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Robert W. Baird boosted their price target on Traeger from $2.50 to $3.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $4.00 price objective on shares of Traeger in a research report on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $3.30.

Traeger Trading Up 2.3 %

Shares of COOK stock traded up $0.07 during trading hours on Friday, reaching $3.17. 28,563 shares of the stock were exchanged, compared to its average volume of 268,789. The company has a current ratio of 2.04, a quick ratio of 1.21 and a debt-to-equity ratio of 1.34. Traeger has a 12-month low of $1.97 and a 12-month high of $3.97. The firm has a market capitalization of $410.42 million, a price-to-earnings ratio of -7.76 and a beta of 1.23. The company’s 50-day moving average price is $3.43 and its 200-day moving average price is $2.76.

Traeger (NYSE:COOK) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. The firm had revenue of $168.47 million for the quarter, compared to analysts’ expectations of $168.07 million. Traeger had a negative net margin of 8.50% and a negative return on equity of 12.65%. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.23) earnings per share. As a group, equities analysts anticipate that Traeger will post -0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new position in shares of Traeger in the 1st quarter worth approximately $27,000. AQR Capital Management LLC acquired a new position in shares of Traeger during the second quarter worth $52,000. Norden Group LLC purchased a new stake in shares of Traeger during the 1st quarter valued at $59,000. Squarepoint Ops LLC boosted its position in shares of Traeger by 712.1% in the 2nd quarter. Squarepoint Ops LLC now owns 85,713 shares of the company’s stock worth $206,000 after purchasing an additional 75,159 shares in the last quarter. Finally, Empowered Funds LLC grew its stake in Traeger by 398.0% during the 1st quarter. Empowered Funds LLC now owns 128,493 shares of the company’s stock worth $325,000 after buying an additional 102,689 shares during the last quarter. Hedge funds and other institutional investors 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.