Canaccord Genuity Group Issues Pessimistic Forecast for Traeger (NYSE:COOK) Stock Price

Traeger (NYSE:COOK) had its price target decreased by stock analysts at Canaccord Genuity Group from $7.00 to $5.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 130.41% from the company’s current price.

A number of other equities research analysts also recently weighed in on the company. Telsey Advisory Group downgraded 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 report on Friday. Piper Sandler raised their price objective on Traeger from $3.50 to $3.75 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Royal Bank of Canada upped their target price on Traeger from $2.50 to $2.75 and gave the company a “sector perform” rating in a research report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Traeger presently has an average rating of “Hold” and an average target price of $3.40.

Traeger Price Performance

Traeger stock opened at $2.17 on Friday. The company has a market capitalization of $283.41 million, a price-to-earnings ratio of -5.42 and a beta of 1.32. The stock’s 50 day moving average is $2.39 and its 200-day moving average is $2.95. 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 12 month low of $1.97 and a 12 month high of $3.97.

Institutional Trading of Traeger

Hedge funds have recently made changes to their positions in the company. Graham Capital Management L.P. bought a new position in Traeger in the 4th quarter valued at approximately $37,000. Quadrature Capital Ltd acquired a new position in Traeger in the 3rd quarter valued at approximately $50,000. Public Employees Retirement System of Ohio raised its stake in shares of Traeger by 70.9% during the third quarter. Public Employees Retirement System of Ohio now owns 16,883 shares of the company’s stock valued at $62,000 after acquiring an additional 7,006 shares during the last quarter. Two Sigma Advisers LP raised its stake in shares of Traeger by 202.8% during the fourth 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 during the last quarter. Finally, Two Sigma Securities LLC acquired a new position in shares of Traeger during the fourth quarter worth $78,000. 46.84% of the stock is owned by institutional investors and hedge funds.

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.