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

Traeger, Inc. (NYSE:COOK) was the target of a large decline in short interest in 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. Approximately 3.4% of the shares of the stock are short sold. Based on an average trading volume of 227,700 shares, the short-interest ratio is currently 8.5 days.

Traeger Price Performance

Traeger stock opened at $2.45 on Thursday. The business’s fifty day moving average is $2.38 and its two-hundred day moving average is $2.29. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.99 and a current ratio of 1.74. The firm has a market cap of $315.73 million, a P/E ratio of -3.71 and a beta of 1.14. Traeger has a 52 week low of $1.97 and a 52 week high of $6.70.

Traeger (NYSE:COOK) last issued its quarterly earnings results 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 company had revenue of $144.91 million for the quarter, compared to analyst estimates of $143.41 million. Equities research analysts forecast that Traeger will post -0.21 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Jeremy Andrus acquired 165,000 shares of the stock in a transaction dated Wednesday, May 22nd. The shares were bought at an average cost of $2.17 per share, for a total transaction of $358,050.00. Following the purchase, the chief executive officer now owns 7,428,887 shares in the company, valued at approximately $16,120,684.79. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 9.80% of the stock is owned by company insiders.

Institutional Trading of Traeger

Hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. acquired a new stake in Traeger during the 4th quarter worth $28,000. SG Americas Securities LLC bought a new position in shares of Traeger during the 1st quarter valued at about $27,000. Dynamic Technology Lab Private Ltd grew its position in shares of Traeger by 96.3% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 28,643 shares of the company’s stock valued at $78,000 after purchasing an additional 14,054 shares during the period. Norden Group LLC bought a new stake in Traeger during the 1st quarter worth approximately $59,000. Finally, Panagora Asset Management Inc. increased its stake in 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 purchasing an additional 29,694 shares in the last quarter. Institutional investors and hedge funds own 46.84% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Telsey Advisory Group reaffirmed an “outperform” rating and issued a $4.00 target price on shares of Traeger in a report on Thursday. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.