Short Interest in Traeger, Inc. (NYSE:COOK) Decreases By 5.9%

Traeger, Inc. (NYSE:COOK) saw a large decline in short interest in the month of July. As of July 15th, there was short interest totalling 1,930,000 shares, a decline of 5.9% from the June 30th total of 2,050,000 shares. Based on an average daily trading volume, of 227,700 shares, the days-to-cover ratio is presently 8.5 days. Currently, 3.4% of the shares of the company are short sold.

Traeger Trading Up 3.7 %

Shares of COOK stock opened at $2.50 on Wednesday. The firm has a market cap of $322.18 million, a P/E ratio of -3.79 and a beta of 1.14. Traeger has a 1-year low of $1.97 and a 1-year high of $6.70. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.74 and a quick ratio of 0.99. The firm’s 50-day simple moving average is $2.38 and its 200-day simple moving average is $2.29.

Traeger (NYSE:COOK) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.05) earnings per share (EPS) for the quarter. Traeger had a negative return on equity of 22.43% and a negative net margin of 13.54%. The firm had revenue of $144.91 million for the quarter, compared to the consensus estimate of $143.41 million. As a group, equities analysts forecast that Traeger will post -0.21 EPS for the current year.

Insider Buying and Selling at Traeger

In other news, CEO Jeremy Andrus acquired 165,000 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were bought at an average cost of $2.17 per share, with a total value of $358,050.00. Following the purchase, the chief executive officer now owns 7,428,887 shares of the company’s stock, valued at approximately $16,120,684.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 9.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Traeger

Several large investors have recently added to or reduced their stakes in COOK. Glendon Capital Management LP lifted its stake in Traeger by 223.8% during the fourth quarter. Glendon Capital Management LP now owns 1,165,546 shares of the company’s stock worth $3,182,000 after purchasing an additional 805,546 shares during the last quarter. Capital World Investors lifted its stake in Traeger by 4.9% in the fourth quarter. Capital World Investors now owns 6,499,660 shares of the company’s stock valued at $17,744,000 after buying an additional 304,660 shares during the last quarter. Empowered Funds LLC lifted its stake in Traeger by 398.0% in the first quarter. Empowered Funds LLC now owns 128,493 shares of the company’s stock valued at $325,000 after buying an additional 102,689 shares during the last quarter. Norden Group LLC bought a new stake in Traeger in the first quarter valued at $118,000. Finally, Panagora Asset Management Inc. lifted its stake in Traeger by 28.8% in the fourth quarter. Panagora Asset Management Inc. now owns 153,761 shares of the company’s stock valued at $420,000 after buying an additional 34,344 shares during the last quarter. 46.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Telsey Advisory Group lowered their price target on shares of Traeger from $4.50 to $4.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.38.

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.