Morgan Stanley Lowers Traeger (NYSE:COOK) Price Target to $4.50

Traeger (NYSE:COOK – Get Rating) had its price target dropped by investment analysts at Morgan Stanley from $6.00 to $4.50 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 22.95% from the stock’s current price.

A number of other research analysts also recently commented on the company. Piper Sandler downgraded Traeger from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $6.00 to $4.00 in a research note on Wednesday. Telsey Advisory Group restated a “market perform” rating and set a $3.50 price objective on shares of Traeger in a research note on Friday. William Blair restated a “market perform” rating on shares of Traeger in a research note on Friday, December 16th. Royal Bank of Canada downgraded Traeger from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $4.00 to $3.00 in a research note on Tuesday, January 3rd. Finally, Canaccord Genuity Group began coverage on Traeger in a research note on Thursday, November 17th. They set a “buy” rating and a $6.00 price objective for the company. Nine investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $5.88.

Traeger Stock Up 21.6 %

Shares of NYSE COOK opened at $3.66 on Friday. Traeger has a twelve month low of $2.48 and a twelve month high of $9.91. The company has a current ratio of 2.13, a quick ratio of 0.66 and a debt-to-equity ratio of 1.19. The business has a 50 day simple moving average of $3.59 and a 200-day simple moving average of $3.34.

Institutional Trading of Traeger

Institutional investors have recently modified their holdings of the company. Barclays PLC lifted its holdings in shares of Traeger by 556.7% in the fourth quarter. Barclays PLC now owns 8,918 shares of the company’s stock valued at $25,000 after buying an additional 7,560 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of Traeger in the first quarter valued at $74,000. Advisor Group Holdings Inc. lifted its holdings in shares of Traeger by 37.3% in the fourth quarter. Advisor Group Holdings Inc. now owns 10,680 shares of the company’s stock valued at $30,000 after buying an additional 2,900 shares during the period. Trexquant Investment LP acquired a new stake in shares of Traeger in the second quarter valued at $47,000. Finally, Brown Advisory Inc. acquired a new stake in shares of Traeger in the second quarter valued at $49,000. Institutional investors and hedge funds own 45.16% of the company’s stock.

About Traeger

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Traeger, Inc, together with its subsidiaries, designs, sources, sells, and supports wood pellet fueled barbeque 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.