Royal Bank of Canada Has Lowered Expectations for Traeger (NYSE:COOK) Stock Price

Traeger (NYSE:COOK - Get Free Report) had its target price cut by Royal Bank of Canada from $2.75 to $2.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "sector perform" rating on the stock. Royal Bank of Canada's target price would suggest a potential downside of 8.84% from the company's previous close.

Several other analysts also recently commented on the company. Telsey Advisory Group downgraded Traeger from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $4.00 to $2.50 in a research note on Friday. Robert W. Baird reduced their target price on Traeger from $3.50 to $2.50 and set a "neutral" rating for the company in a research note on Friday. Canaccord Genuity Group reduced their target price on Traeger from $7.00 to $5.00 and set a "buy" rating for the company in a research note on Friday. Finally, Piper Sandler reduced their target price on Traeger from $3.75 to $2.50 and set a "neutral" rating for the company 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's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $2.83.

Traeger Trading Up 1.6 %

Shares of COOK stock traded up $0.03 during mid-day trading on Friday, hitting $2.19. The company's stock had a trading volume of 605,040 shares, compared to its average volume of 149,644. The company's fifty day simple moving average is $2.38 and its 200-day simple moving average is $2.94. Traeger has a 52 week low of $1.82 and a 52 week high of $3.97. 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 company has a market cap of $286.54 million, a PE ratio of -5.48 and a beta of 1.32.

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Hedge Funds Weigh In On Traeger

A number of hedge funds have recently added to or reduced their stakes in COOK. Empowered Funds LLC boosted its stake in Traeger by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 145,763 shares of the company's stock valued at $536,000 after purchasing an additional 7,370 shares during the last quarter. Drive Wealth Management LLC acquired a new position in Traeger during the 3rd quarter valued at about $118,000. Jacobs Levy Equity Management Inc. boosted its stake in Traeger by 724.3% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 258,058 shares of the company's stock valued at $950,000 after purchasing an additional 226,750 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of Traeger in the 3rd quarter worth approximately $50,000. Finally, State Street Corp boosted its stake in shares of Traeger by 2.4% in the 3rd quarter. State Street Corp now owns 789,912 shares of the company's stock worth $2,907,000 after buying an additional 18,671 shares during the last quarter. 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.