Traeger Is A Short Before — And After — Earnings

Leverage, valuation, and macro factors mean COOK has further to fall, even at $4 a share.

📍 TLDR

• A brutal 2022 in the wake of pandemic-driven growth has sent COOK down 66% year-to-date.

• Yet, from a fundamental perspective there’s room for more downside.

• A leveraged balance sheet leaves no room for error, and has forced near-term choices that will have long-term effects.

• A buyout offer at a rival catalyzed a 52% rally; another ugly quarter shoul…