Piper Sandler Downgrades Traeger (NYSE:COOK) to Neutral

Piper Sandler cut shares of Traeger (NYSE:COOK – Get Rating) from an overweight rating to a neutral rating in a research note published on Wednesday, Marketbeat Ratings reports. They currently have $4.00 price target on the stock, down from their prior price target of $6.00.

A number of other research analysts have also issued reports on COOK. William Blair reiterated a market perform rating on shares of Traeger in a research note on Friday, December 16th. Royal Bank of Canada cut Traeger from an outperform rating to a sector perform rating and dropped their target price for the stock from $4.00 to $3.00 in a research report on Tuesday, January 3rd. Canaccord Genuity Group started coverage on Traeger in a research note on Wednesday, November 16th. They set a buy rating and a $6.00 target price for the company. Canaccord Genuity Group started coverage on Traeger in a report on Thursday, November 17th. They issued a buy rating and a $6.00 price target for the company. Finally, Credit Suisse Group reduced their price target on Traeger to $3.15 in a report on Tuesday, November 15th. Nine investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Hold and an average price target of $5.88.

Traeger Price Performance

NYSE COOK opened at $3.66 on Wednesday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.66 and a current ratio of 2.13. Traeger has a one year low of $2.48 and a one year high of $9.91. The firm’s fifty day moving average is $3.59 and its two-hundred day moving average is $3.34.

Hedge Funds Weigh In On Traeger

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Moneta Group Investment Advisors LLC raised its holdings in Traeger by 33.7% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 139,892 shares of the company’s stock worth $394,000 after purchasing an additional 35,282 shares during the last quarter. Alliancebernstein L.P. acquired a new position in Traeger during the fourth quarter worth $40,000. Financial Advocates Investment Management acquired a new position in Traeger during the fourth quarter worth $34,000. State of Wisconsin Investment Board raised its holdings in Traeger by 32.2% during the fourth quarter. State of Wisconsin Investment Board now owns 340,271 shares of the company’s stock worth $960,000 after purchasing an additional 82,953 shares during the last quarter. Finally, Man Group plc purchased a new position in Traeger during the fourth quarter worth $415,000. 45.16% of the stock is owned by institutional investors and hedge funds.

Traeger Company Profile

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Traeger, Inc, together with its subsidiaries, designs, sources, sells, and supports wood pellet fueled barbeque 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.