COOK - Why Traeger Stock Skyrocketed Thursday
2023-08-03 11:37:40 ET
Shares of Traeger (NYSE: COOK) were up 39% as of 10:40 a.m. ET on Thursday after the outdoor cooking supplier reported better-than-expected earnings results for the second quarter.
Revenue was still down 14% year over year, but the $171.5 million was higher than the previous quarter's $153 million. The company also reported improving profitability, with management expecting a return to year-over-year revenue growth in the next few quarters.
The 16% drop in sales in 2022 sent the stock crashing to new lows. After more than doubling year to date, the stock could still be considered relatively cheap at a price-to-sales ratio of 1.17, which is half the market average.
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Why Traeger Stock Skyrocketed Thursday