In a recent move signaling confidence in his company, Jeremy Andrus, the Chief Executive Officer of Traeger, Inc. (NYSE:COOK), has made a substantial purchase of company stock. The executive acquired a total of 396,689 shares over two separate transactions, with a combined value of approximately $933,006.
On March 13, 2024, Andrus bought 184,589 shares of Traeger at a weighted average price of $2.3237, with individual transactions ranging from $2.24 to $2.38. The following day, he further increased his holdings by purchasing an additional 212,100 shares at an average price of $2.3766, with prices in individual transactions varying between $2.27 and $2.40.
These acquisitions have bolstered Andrus's total direct ownership in Traeger to 7,210,564 shares. Additionally, he has indirect ownership through JA Cropston, LLC and JK Andrus Investments, LLC, which hold 3,399,002 and 5,422,908 shares, respectively. However, in accordance with SEC filings, Andrus has disclaimed beneficial ownership of these indirectly held shares except to the extent of his pecuniary interest.
The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission, dated March 15, 2024. The filing, which provides transparency about insider transactions, showed Andrus's continued investment in the company known for its wood pellet grills and other cooking solutions.
Investors often monitor insider buying as it can be a sign that company executives are bullish on their firm's future prospects. With this latest purchase, the CEO of Traeger has made a significant investment, potentially reaffirming his belief in the company's value and future performance.
InvestingPro Insights
In the wake of the CEO's recent stock purchase, a closer look at Traeger, Inc. through the lens of InvestingPro data and insights may provide additional context for investors considering the company's prospects. The market capitalization of Traeger stands at $285.31 million, reflecting the company's size and investor valuation at this juncture. Despite a challenging financial performance over the last twelve months, as indicated by a negative P/E ratio of -3.61, the company has experienced a notable EBITDA growth of 115.2% during the same period.
InvestingPro Tips reveal a mixed picture for Traeger. While the company has not been profitable over the last year, analysts predict that it will turn a profit this year, which could be a contributing factor to the CEO's confidence in buying shares. Additionally, Traeger's liquid assets exceed its short-term obligations, suggesting a solid financial position in terms of liquidity.
Another key point for investors is the stock's recent performance. Traeger has seen a significant return over the last week, with a 17.16% price total return, which might be a signal of a positive market reaction to internal or external events affecting the company. Nevertheless, it's important to note that the stock has taken a considerable hit over the last six months, with a price total return of -40.25%.
For those interested in further insights and tips on Traeger, Inc., there are additional InvestingPro Tips available at https://www.investing.com/pro/COOK. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and discover the full range of analysis that could inform your investment decisions.
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