Canaccord Genuity Group Cuts Traeger (NYSE:COOK) Price Target to $5.00

Traeger (NYSE:COOK) had its price target dropped by equities research analysts at Canaccord Genuity Group from $7.00 to $5.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 127.89% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Telsey Advisory Group downgraded shares of Traeger from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $4.00 to $2.50 in a research report on Friday. Royal Bank of Canada boosted their price target on Traeger from $2.50 to $2.75 and gave the stock a “sector perform” rating in a research report on Thursday, November 7th. Finally, Piper Sandler raised their price objective on Traeger from $3.50 to $3.75 and gave the company a “neutral” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $2.83.

Traeger Stock Performance

COOK opened at $2.19 on Friday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.08 and a current ratio of 2.09. The business’s 50-day simple moving average is $2.38 and its 200 day simple moving average is $2.94. The firm has a market capitalization of $286.54 million, a PE ratio of -5.48 and a beta of 1.32. Traeger has a 52-week low of $1.82 and a 52-week high of $3.97.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of COOK. Graham Capital Management L.P. acquired a new stake in Traeger during the fourth quarter worth approximately $37,000. Quadrature Capital Ltd acquired a new stake in Traeger during the third quarter worth approximately $50,000. Public Employees Retirement System of Ohio increased its stake 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 period. Two Sigma Advisers LP raised its holdings in Traeger by 202.8% in the 4th quarter. Two Sigma Advisers LP now owns 32,100 shares of the company’s stock valued at $77,000 after acquiring an additional 21,500 shares in the last quarter. Finally, Two Sigma Securities LLC bought a new stake in shares of Traeger during the 4th quarter valued at $78,000. Institutional investors and hedge funds own 46.84% of the company’s stock.

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.