Morgan Stanley Lowers Traeger (NYSE:COOK) Price Target to $2.50

Traeger (NYSE:COOK) had its price objective decreased by investment analysts at Morgan Stanley from $3.00 to $2.50 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 14.63% from the company’s previous close.

A number of other analysts also recently weighed in on the company. Robert W. Baird decreased their price target on Traeger from $3.50 to $2.50 and set a “neutral” rating for the company in a report on Friday. Piper Sandler lowered their price target on Traeger from $3.75 to $2.50 and set a “neutral” rating for the company in a research report on Friday. Royal Bank of Canada dropped their price target on Traeger from $2.75 to $2.00 and set a “sector perform” rating on the stock in a report on Friday. Canaccord Genuity Group reduced their price objective on Traeger from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Friday. Finally, Telsey Advisory Group cut Traeger from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $4.00 to $2.50 in a research note on Friday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Traeger currently has an average rating of “Hold” and an average target price of $2.83.

Traeger Price Performance

Shares of COOK stock traded up $0.02 on Friday, hitting $2.18. 476,828 shares of the company’s stock were exchanged, compared to its average volume of 146,570. The company has a 50 day moving average of $2.39 and a 200 day moving average of $2.95. The stock has a market cap of $284.84 million, a P/E ratio of -5.46 and a beta of 1.32. Traeger has a 12 month low of $1.82 and a 12 month high of $3.97. The company has a debt-to-equity ratio of 1.42, a current ratio of 2.09 and a quick ratio of 1.08.

Institutional Investors Weigh In On Traeger

A number of large investors have recently modified their holdings of COOK. Jacobs Levy Equity Management Inc. grew its stake in Traeger by 724.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 258,058 shares of the company’s stock worth $950,000 after purchasing an additional 226,750 shares during the period. Dimensional Fund Advisors LP raised its position in Traeger by 84.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 475,411 shares of the company’s stock worth $1,136,000 after buying an additional 217,771 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Traeger by 758.1% in the fourth quarter. JPMorgan Chase & Co. now owns 135,984 shares of the company’s stock worth $325,000 after acquiring an additional 120,136 shares during the period. Bosun Asset Management LLC increased its stake in shares of Traeger by 267.7% in the 4th quarter. Bosun Asset Management LLC now owns 95,235 shares of the company’s stock worth $228,000 after purchasing an additional 69,335 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. raised its stake in shares of Traeger by 36.4% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 232,052 shares of the company’s stock worth $555,000 after buying an additional 61,923 shares during the period. Institutional investors own 46.84% of the company’s stock.

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.