Traeger, Inc. (NYSE:COOK) Short Interest Down 6.1% in October

Traeger, Inc. (NYSE:COOK) saw a large drop in short interest in the month of 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 shares are sold short. Based on an average trading volume of 263,900 shares, the days-to-cover ratio is currently 5.8 days.

Institutional Trading of Traeger

Institutional investors have recently modified their holdings of the stock. Norden Group LLC acquired a new stake in Traeger during the 1st quarter worth $118,000. Empowered Funds LLC boosted its position in shares of Traeger by 398.0% in the 1st quarter. Empowered Funds LLC now owns 128,493 shares of the company’s stock valued at $325,000 after purchasing an additional 102,689 shares during the period. SG Americas Securities LLC purchased a new position in Traeger during the 1st quarter worth approximately $27,000. Panagora Asset Management Inc. increased its position in Traeger by 19.4% during the second quarter. Panagora Asset Management Inc. now owns 182,484 shares of the company’s stock worth $438,000 after buying an additional 29,694 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Traeger by 56.3% in the second quarter. Dimensional Fund Advisors LP now owns 201,562 shares of the company’s stock valued at $484,000 after buying an additional 72,637 shares during the last quarter. Hedge funds and other institutional investors own 46.84% of the company’s stock.

Analysts Set New Price Targets

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

Traeger Price Performance

Traeger stock opened at $3.12 on Friday. The company has a current ratio of 2.04, a quick ratio of 1.21 and a debt-to-equity ratio of 1.34. The company has a fifty day simple moving average of $3.42 and a 200-day simple moving average of $2.76. The stock has a market cap of $403.30 million, a P/E ratio of -7.60 and a beta of 1.23. Traeger has a 12-month low of $1.97 and a 12-month high of $3.97.

Traeger (NYSE:COOK) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.06 earnings per share (EPS) for the quarter, topping 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 company had revenue of $168.47 million during the quarter, compared to the consensus estimate of $168.07 million. During the same period in the previous year, the business earned ($0.23) EPS. Traeger’s revenue for the quarter was down 1.8% on a year-over-year basis. Equities analysts expect that Traeger will post -0.12 EPS for the current fiscal year.

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.