Traeger, Inc. (NYSE:COOK) Sees Large Decrease in Short Interest

Traeger, Inc. (NYSE:COOK) was the recipient of a large decline in short interest in the month of March. As of March 15th, there was short interest totalling 1,950,000 shares, a decline of 5.3% from the February 29th total of 2,060,000 shares. Currently, 3.5% of the company’s shares are short sold. Based on an average daily volume of 344,400 shares, the short-interest ratio is presently 5.7 days.

Traeger Stock Down 2.2 %

Shares of NYSE:COOK opened at $2.48 on Tuesday. The business’s 50 day moving average is $2.26 and its 200 day moving average is $2.49. The stock has a market cap of $316.65 million, a P/E ratio of -4.50 and a beta of 1.04. Traeger has a 52-week low of $1.97 and a 52-week high of $6.70. The company has a quick ratio of 0.90, a current ratio of 1.62 and a debt-to-equity ratio of 1.36.

Traeger (NYSE:COOK) last issued its earnings results on Thursday, March 7th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.04). The firm had revenue of $163.48 million during the quarter, compared to analysts’ expectations of $153.10 million. Traeger had a negative return on equity of 20.91% and a negative net margin of 11.26%. Sell-side analysts predict that Traeger will post -0.15 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Canaccord Genuity Group reduced their price objective on shares of Traeger from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. B. Riley assumed coverage on Traeger in a report on Tuesday, December 12th. They issued a “buy” rating and a $3.50 price target on the stock. Finally, Telsey Advisory Group restated an “outperform” rating and set a $4.50 price objective (down previously from $5.00) on shares of Traeger in a report on Monday, March 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Traeger presently has an average rating of “Moderate Buy” and an average price target of $4.47.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Barclays PLC raised its position in shares of Traeger by 556.7% in the 4th quarter. Barclays PLC now owns 8,918 shares of the company’s stock worth $25,000 after acquiring an additional 7,560 shares in the last quarter. Lazard Asset Management LLC bought a new position in Traeger in the third quarter worth about $25,000. Victory Capital Management Inc. bought a new position in Traeger in the fourth quarter worth about $28,000. Advisor Group Holdings Inc. lifted its position in shares of Traeger by 37.3% during 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 last quarter. Finally, Financial Advocates Investment Management bought a new stake in shares of Traeger in the 4th quarter valued at about $34,000. 46.84% of the stock is currently owned by institutional investors.

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.