Short Interest in Traeger, Inc. (NYSE:COOK) Expands By 5.5%

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

Analyst Ratings Changes

Several research analysts have commented on the stock. Telsey Advisory Group reiterated an “outperform” rating and issued a $4.00 target price on shares of Traeger in a report on Wednesday, August 7th. Royal Bank of Canada raised their price objective on shares of Traeger from $2.00 to $2.50 and gave the company a “sector perform” rating in a research report on Thursday, August 8th. Robert W. Baird lifted their price target on shares of Traeger from $2.50 to $3.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Piper Sandler upgraded shares of Traeger from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.30.

Traeger Price Performance

Shares of NYSE COOK traded down $0.10 during midday trading on Tuesday, reaching $3.58. 118,464 shares of the company traded hands, compared to its average volume of 287,898. The firm has a market cap of $461.35 million, a PE ratio of -5.42 and a beta of 1.23. The stock’s 50-day simple moving average is $3.19 and its 200-day simple moving average is $2.63. Traeger has a 12 month low of $1.97 and a 12 month high of $3.97. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.21 and a current ratio of 2.04.

Traeger (NYSE:COOK) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. Traeger had a negative return on equity of 12.65% and a negative net margin of 8.50%. The company had revenue of $168.47 million during the quarter, compared to analysts’ expectations of $168.07 million. During the same period last year, the business earned ($0.23) earnings per share. The business’s revenue was down 1.8% on a year-over-year basis. As a group, equities analysts anticipate that Traeger will post -0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Traeger

Several institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC acquired a new position in shares of Traeger in the 2nd quarter valued at approximately $52,000. Squarepoint Ops LLC boosted its position in Traeger by 712.1% during the 2nd quarter. Squarepoint Ops LLC now owns 85,713 shares of the company’s stock worth $206,000 after acquiring an additional 75,159 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Traeger during the 2nd quarter worth approximately $345,000. Dimensional Fund Advisors LP boosted its position in Traeger by 56.3% during 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 last quarter. Finally, Panagora Asset Management Inc. boosted its position 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 acquiring an additional 29,694 shares during the last quarter. 46.84% of the stock is currently owned by institutional investors and hedge funds.

Traeger Company Profile

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.