Short Interest in Traeger, Inc. (NYSE:COOK) Decreases By 6.4%

Traeger, Inc. (NYSE:COOK) was the target of a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 1,320,000 shares, a drop of 6.4% from the October 31st total of 1,410,000 shares. Approximately 2.3% of the company’s shares are short sold. Based on an average daily volume of 189,800 shares, the days-to-cover ratio is currently 7.0 days.

Traeger Trading Up 2.3 %

Shares of COOK traded up $0.08 during midday trading on Tuesday, reaching $3.37. The stock had a trading volume of 264,858 shares, compared to its average volume of 172,860. The company has a quick ratio of 1.08, a current ratio of 2.09 and a debt-to-equity ratio of 1.42. The firm’s 50 day moving average price is $3.23 and its 200-day moving average price is $2.90. Traeger has a 52 week low of $1.97 and a 52 week high of $3.97.

Traeger (NYSE:COOK) last issued its earnings results on Wednesday, November 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06). Traeger had a negative return on equity of 10.57% and a negative net margin of 8.53%. The business had revenue of $122.05 million for the quarter, compared to analysts’ expectations of $118.74 million. During the same period in the previous year, the firm posted ($0.16) EPS. The company’s quarterly revenue was up 3.7% on a year-over-year basis. On average, equities analysts anticipate that Traeger will post -0.12 EPS for the current year.

Hedge Funds Weigh In On Traeger

Hedge funds have recently modified their holdings of the stock. Barclays PLC raised its stake in shares of Traeger by 271.7% in the 3rd quarter. Barclays PLC now owns 44,861 shares of the company’s stock valued at $166,000 after acquiring an additional 32,793 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in Traeger by 70.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 16,883 shares of the company’s stock worth $62,000 after acquiring an additional 7,006 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Traeger in the third quarter worth about $118,000. State Street Corp lifted its position in shares of Traeger by 2.4% during the 3rd quarter. State Street Corp now owns 789,912 shares of the company’s stock worth $2,907,000 after purchasing an additional 18,671 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Traeger in the 3rd quarter valued at approximately $50,000. 46.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Telsey Advisory Group reissued an “outperform” rating and set a $4.00 price objective on shares of Traeger in a research note on Thursday, November 7th. Piper Sandler raised their price target on shares of Traeger from $3.50 to $3.75 and gave the company a “neutral” rating in a report on Thursday, November 7th. Robert W. Baird boosted their price objective on Traeger from $2.50 to $3.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Royal Bank of Canada raised their target price on Traeger from $2.50 to $2.75 and gave the company a “sector perform” rating in a report on Thursday, November 7th. Finally, Canaccord Genuity Group upped their price target on Traeger from $6.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Three 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 currently has an average rating of “Moderate Buy” and an average price target of $4.00.

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.