Royal Bank of Canada Lowers Traeger (NYSE:COOK) Price Target to $2.00

Traeger (NYSE:COOK) had its price objective lowered by equities researchers at Royal Bank of Canada from $2.75 to $2.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target indicates a potential downside of 8.84% from the company’s current price.

Several other equities research analysts have also recently issued reports on the stock. Piper Sandler decreased their target price on shares of Traeger from $3.75 to $2.50 and set a “neutral” rating on the stock in a research report on Friday. Robert W. Baird cut their price objective on Traeger from $3.50 to $2.50 and set a “neutral” 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 on the stock in a research note on Friday. Finally, Telsey Advisory Group downgraded shares of Traeger from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $4.00 to $2.50 in a research report on Friday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $2.83.

Traeger Stock Performance

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

Institutional Investors Weigh In On Traeger

Several institutional investors and hedge funds have recently modified their holdings of the stock. American Century Companies Inc. lifted its position in Traeger by 8.3% during the 4th quarter. American Century Companies Inc. now owns 53,950 shares of the company’s stock worth $129,000 after acquiring an additional 4,153 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Traeger by 1.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 446,943 shares of the company’s stock valued at $1,068,000 after purchasing an additional 4,246 shares during the period. Millennium Management LLC lifted its position in shares of Traeger by 1.1% during the fourth quarter. Millennium Management LLC now owns 407,265 shares of the company’s stock worth $973,000 after purchasing an additional 4,433 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Traeger by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 1,081,364 shares of the company’s stock valued at $2,585,000 after purchasing an additional 4,445 shares during the period. Finally, Public Employees Retirement System of Ohio grew its holdings 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 valued at $62,000 after purchasing an additional 7,006 shares in the last quarter. Hedge funds and other 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.