Traeger, Inc. (NYSE:COOK) Sees Significant Increase in Short Interest

Traeger, Inc. (NYSE:COOK) was the target of a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 1,530,000 shares, an increase of 5.5% from the August 31st total of 1,450,000 shares. Based on an average trading volume of 281,000 shares, the days-to-cover ratio is presently 5.4 days. Currently, 2.7% of the company’s stock are sold short.

Traeger Stock Performance

Shares of COOK opened at $3.58 on Wednesday. The stock has a market capitalization of $461.35 million, a PE ratio of -5.42 and a beta of 1.23. The business’s fifty day moving average price is $3.19 and its 200 day moving average price is $2.63. The company has a debt-to-equity ratio of 1.34, a current ratio of 2.04 and a quick ratio of 1.21. Traeger has a 12-month low of $1.97 and a 12-month high of $3.97.

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

Institutional Investors Weigh In On Traeger

Large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new position in shares of Traeger in the first quarter worth $27,000. AQR Capital Management LLC bought a new position in Traeger in the 2nd quarter valued at about $52,000. Norden Group LLC acquired a new position in Traeger during the 1st quarter valued at about $59,000. Panagora Asset Management Inc. raised its position in shares of Traeger by 19.4% during the 2nd 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 in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Traeger by 56.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 201,562 shares of the company’s stock worth $484,000 after acquiring an additional 72,637 shares during the period. 46.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

COOK has been the topic of several analyst reports. Piper Sandler upgraded Traeger from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Royal Bank of Canada lifted their price target on shares of Traeger from $2.00 to $2.50 and gave the stock a “sector perform” rating in a research note on Thursday, August 8th. Telsey Advisory Group reiterated an “outperform” rating and set a $4.00 price objective on shares of Traeger in a research note on Wednesday, August 7th. Finally, Robert W. Baird boosted their target price 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. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.30.

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.