For a second day in a row outdoor cooking stocks have rallied. At the time of writing, Weber (NYSE: WEBR), Traeger (NYSE: COOK) and Solo Brands (NYSE: DTC) were all up by double digit percentages from their open price.
In an email from S3 Partners to Bloomberg News about Weber short sellers, they noted that the rally will turn profits on the year to about $450,000 in losses.
With added buy-side pressure from buy-to-covers and virtually no sell-side relief from short-selling Weber’s stock, price trajectory should continue a steady climb as long as long stock buyers remain activeIhor Dusaniwsky of S3 Partners
It was a mixed bag of earnings for the public cooking companies last quarter with Traeger surprising with a good quarter and both Weber and Solo Brands having challenges. We’ve seen good search volume so far this quarter and both Traeger and Solo Brands have noted supply chain improvements. We’ll see if that translates to sales as the current quarter comes to a close this month in the heart of grilling season.